McFad­den suit on hold pend­ing ar­bi­tra­tion rul­ing

Northwest Arkansas Democrat-Gazette - - VOICES -

Darren McFad­den’s fed­eral law­suit against Ameriprise Fi­nan­cial Ser­vices was put on hold Thurs­day un­til the case can be ar­bi­trated be­fore the Fi­nan­cial In­dus­try Reg­u­la­tory Author­ity.

U.S. Dis­trict Judge James Moody Jr. signed an or­der at the re­quest of both par­ties stay­ing the case and com­pelling ar­bi­tra­tion. The par­ties filed a joint state­ment last month say­ing ar­bi­tra­tion may be re­quired as a re­sult of an ar­bi­tra­tion agree­ment the par­ties signed years ago.

Ameriprise pointed out the ex­is­tence of the agree­ment, which re­quires the par­ties to try to re­solve the case first out of court, af­ter McFad­den sued the com­pany May 12.

McFad­den is a Dal­las Cow­boys run­ning back and a for­mer Arkansas Ra­zor­back. The law­suit is one of three he has pend­ing in fed­eral court in Lit­tle Rock con­cern­ing the man­age­ment of his fi­nances be­gin­ning in 2008, just be­fore he was drafted, at age 20, to a six-year, $60.1 mil­lion con­tract with the Oak­land Raiders.

The suit al­leges that Ameriprise, which em­ployed McFad­den’s for­mer fi­nan­cial ad­viser, Michael Vick of Lit­tle Rock, al­lowed Vick to take ad­van­tage of the young foot­ball star.

McFad­den has filed sep­a­rate law­suits against Vick and Vick’s sis­ter and brother-in-law.

He al­leges Vick de­ceived him and trans­ferred some il­le­gally ob­tained as­sets of McFad­den’s to the cou­ple.

Vick has de­nied the al­le­ga­tions.

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