On October 2, 2018, the First Department issued a decision in Hyuncheol Hwang v. Mirae Asset Sec. (USA) Inc., 2018 NY Slip Op. 06485, holding that an arbitration provision in a later-signed Form U-4 supersedes the dispute resolution provision in an earlier-signed employment agreement, explaining:
This dispute is governed by state contract law principles. The first principle is that a subsequent contract regarding the same matter will supersede the prior contract. The determination whether a subsequent agreement is superseding is fact-driven. Plaintiff’s execution of a valid U-4 Form constituted an agreement to limit his contractual remedies when he signed the U-4 Form. The U-4 Form encompasses the same employment-related disputes as were addressed in the employment agreement. Thus, the forum selection clause was effectively extinguished.
(Internal quotations and citations omitted).
Commercial litigation involves more than courts. Disputes often are–by agreement–decided by private arbitrators. Contact Schlam Stone & Dolan partner John Lundin at firstname.lastname@example.org if you or a client have a question regarding a dispute that is subject to an arbitration agreement.
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