AFSA Files Amicus Brief in Arbitration Case
The American Financial Services Association (AFSA) filed an amicus brief before the Missouri Supreme Court in a case involving the enforceability of arbitration provisions in loan agreements. In Bridgecrest Acceptance Corp. V. Kelly Donaldson and Robert Haulcy, AFSA wrote in support of the Plaintiff (Bridgecrest Acceptance), arguing that a lower court’s recent decision to not apply an arbitration agreement was at odds with binding legal precedent set by the higher court. In addition, the brief contended that the Appeals Court ignored the mandate of the Federal Arbitration Act, along with both U.S. and Missouri recognition of arbitration as a preferred means of dispute resolutions.
A serious concern is that the lower court’s decision adds to the already inconsistent and unpredictable application of Missouri law surrounding arbitration agreements. AFSA wrote that “because the Eastern District’s opinion…adds to the uncertainty that plagues entities attempting to do business or considering doing business in Missouri, it is crucial that this Court recognize the existence of its clear-cut rule concerning what constitutes a valid arbitration provision…”
September 29th, 2021 by gmcgurn@afsamail.org
