Credit Suisse Defeats Arbitration Appeal in Compensation Suit

Credit Suisse Securities USA successfully defended a district court order compelling arbitration of individual claims in a proposed class action brought by a former financial adviser claiming the investment bank cheated him and other former employees out of contractually owed deferred compensation.

The U.S. Court of Appeals for the Ninth Circuit affirmed on Friday the conclusion that the class action waiver included under the Employee Dispute Resolution Program agreed to by plaintiff Christpher M. Laver and other financial advisers was enforceable.

Nothing in the Financial Industry Regulatory Authority’s rule prohibiting arbitration agreements for proposed class actions invalidated the waiver, the ...