William (Bill) Brewer Writes for Bloomberg Law on Arbitration Process – and Its Weaknesses and Risks

May 7, 2026 – In a Bloomberg Law commentary, partner William (Bill) Brewer examines the arbitration process and how its defining virtues – informality and finality – have become its greatest weaknesses. Against the backdrop of the case Hurley v. Emigrant Bank, Brewer explores how the arbitration panel reached a finding of wrongdoing but awarded no remedies. Brewer was counsel to Hurley in the arbitration and related proceedings.

Brewer comments on how the tribunal awarded Hurley no damages, reasoning that determining and then allocating damages among the actors involved would be “impermissibly speculative.” Brewer writes, “That outcome ran headlong into settled law. Both Delaware and New York recognize the wrongdoer rule: When misconduct makes damages difficult to measure, that uncertainty must be borne by the wrongdoer, not the victim.”

Brewer compares and contrasts the outcome in Hurley with another case involving Milstein-controlled entities and Jack Nicklaus. That case resulted in $50 million in damages. Brewer explains the cases had similar factual patterns, but the latter took place in open court.

Brewer writes, “The lesson from Hurley, viewed alongside Nicklaus, is simple: The forum can matter as much as the facts. Without a meaningful judicial backstop, arbitration risks being a forum where wrongdoing is found but let go. The Hurley decision should be a warning to those who sign arbitration agreements expecting a predictable process guided by the law.”

Brewer continues, “When a tribunal finds clear wrongdoing but fails to award damages based on a misapplication of law, the process is no longer predictable justice – it is a high-stakes gamble.”

Read more here.