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Supreme Court Answers a Question on Arbitration

Raymond James Financial Services, Inc., v. Barbara J. Phillips, etc., et. al., 38 Fla. L. Weekly S325a, Case No. SC11-2513, issued May 16, 2013: On a rephrased certified question from the Second District Court of Appeal, “Does Section 95.11, Florida Statutes, Apply to Arbitration,” the Supreme Court answered in the affirmative and quashed the lower opinion. More than four (4) years after the cause of action for negligence arose, the investor filed for arbitration in accordance with its account agreement which contained a provision for final and binding arbitration. In finding that and arbitration proceeding is an “action” for purposes of the statute of limitations, this opinion points out the absurdity of holding otherwise whereby an arbitration agreement could shorten the statute of limitations.

(From RPPTL Construction Regulation Subcommittee)