Devin J. Garofalo v. Jayne W. Di Vincenzo

CourtCourt of Appeals of Virginia
DecidedDecember 30, 2024
Docket1303232
StatusPublished

This text of Devin J. Garofalo v. Jayne W. Di Vincenzo (Devin J. Garofalo v. Jayne W. Di Vincenzo) is published on Counsel Stack Legal Research, covering Court of Appeals of Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Devin J. Garofalo v. Jayne W. Di Vincenzo, (Va. Ct. App. 2024).

Opinion

COURT OF APPEALS OF VIRGINIA

Present: Judges Huff, Causey and White PUBLISHED

Argued at Richmond, Virginia

DEVIN J. GAROFALO OPINION BY v. Record No. 1303-23-2 JUDGE DORIS HENDERSON CAUSEY DECEMBER 30, 2024 JAYNE W. DI VINCENZO

FROM THE CIRCUIT COURT OF THE CITY OF RICHMOND Jacqueline S. McClenney, Judge

Monica T. Monday (David R. Berry; Gentry Locke, on briefs), for appellant.

Henry I. Willett III (Belinda D. Jones; Christian & Barton, LLP, on brief), for appellee.

This appeal concerns a cross-petition to vacate the award of a panel of arbitrators. The

circuit court granted Jayne Di Vincenzo’s petition to confirm an arbitral award and denied Devin

Garofalo’s cross-petition to vacate. Garofalo argues that the circuit court erred by declining to

set aside the award on the grounds of an arbitrator’s “evident partiality” under Code

§ 8.01-581.010(2). Garofalo also argues that Di Vincenzo should not have been awarded

attorney fees.

On appeal, Garofalo does not argue that the arbitrator, Michael Glasser, was actually

biased toward either party. But he argues that the arbitrator’s failure to disclose prior

connections with Di Vincenzo requires that the award be vacated on the grounds of “evident

partiality.” We disagree, holding that the undisclosed information did not rise to the level of

“evident partiality.” Additionally, finding no error, we affirm the circuit court’s attorney fees

award. I. BACKGROUND

In March 2022, a panel of Financial Industry Regulatory Authority (FINRA) arbitrators

ruled for Di Vincenzo in a dispute with Garofalo over an asset purchase agreement. The

agreement had set the parameters for the sale of Di Vincenzo’s financial securities company,

Lions Bridge Financial Advisors, Inc., to Garofalo and his financial securities company, Colonial

River Wealth Management, LLC. The arbitration panel found Garofalo in default of obligations

under the agreement and awarded Di Vincenzo $1,548,638 in compensatory damages and

unremitted payments, $490,639 in attorney fees, and additional fees and costs.

In March 2022, Di Vincenzo moved to confirm the award in circuit court. In April 2022,

Garofalo cross-petitioned to vacate on the grounds of an arbitrator’s “evident partiality” under

Code § 8.01-581.010(2). Garofalo alleged that an arbitrator on the panel had failed to disclose a

prior relationship with Di Vincenzo.1 Di Vincenzo filed a responsive pleading denying the

allegations and requesting reimbursement for attorney fees incurred opposing the cross-petition.

Discovery followed, and the circuit court conducted two days of hearings in May 2023. In June

2023, the circuit court rejected Garofalo’s evident partiality argument and confirmed the arbitral

award. After receiving post-hearing briefing on the bifurcated attorney fees issue, the circuit

court awarded Di Vincenzo $333,613.50 in attorney fees.2

Prior to the arbitration, the arbitrator disclosed to the parties that he was on the Board of

Directors of Old Point Financial Corporation (Old Point) and one of Old Point’s wholly owned

1 Garofalo also argued to the circuit court that the arbitrator’s nondisclosure constituted “misconduct prejudicing the rights of any party” under Code § 8.01-581.010(2) and that the arbitrators exceeded their authority in ordering attorney fees that Garofalo alleged had already been awarded to Di Vincenzo. Garofalo did not assign error to the circuit court’s adverse rulings on either of these arguments. Accordingly, we do not address these issues in this opinion. 2 This attorney fees award was solely for litigation involving the confirmation of the arbitration award. It did not include the $490,639 previously awarded by the panel of arbitrators. -2- subsidiaries, Old Point National Bank, and that he was a shareholder of Old Point National Bank.

The arbitrator also disclosed his connections, largely as a shareholder or accountholder, to

fourteen other companies, including financial institutions. The arbitrator disclaimed any prior

relationships or interactions with either party to the arbitration. As Garofalo emphasized to the

circuit court and on appeal, Di Vincenzo and Lion’s Bridge had, in fact, once contracted with Old

Point Trust, Old Point’s other wholly owned subsidiary.

For fifteen months in 2014 and 2015, Di Vincenzo and Lion’s Bridge had provided

financial advisory services to Old Point Trust’s customers. Some of Old Point Trust’s customers

were also customers of Old Point National Bank, and the revenues of both subsidiary

organizations ultimately went to Old Point. Di Vincenzo and Lion’s Bridge expected to benefit

from the arrangement by receiving referrals for new customers, including from Old Point

National Bank. The relationship ended after fifteen months when neither party received the

benefit they had expected. Just before the relationship terminated, Lion’s Bridge and

Di Vincenzo had made almost $13,000 and Old Point had made $8,000. The arbitrator testified

that he did not disclose these connections because he did not recall Di Vincenzo or Lion’s

Bridge. Before taking the case, the arbitrator conducted a conflict check through his law firm’s

database and discovered no connections to either party. Additionally, as the arbitrator noted, he

was not and had never been on the Board of Directors of Old Point Trust, the independent legal

entity that held a contractual relationship with Di Vincenzo and Lion’s Bridge.

The record included various additional details about the relationship between Lion’s

Bridge, Di Vincenzo, and Old Point Trust. Lion’s Bridge financial advisors had been permitted

to use offices, as available, in Old Point Trust’s facilities, including a building in which the

arbitrator had an ownership interest, though they had no permanent offices in the facilities.

-3- Lion’s Bridge advisors would display placards advertising their company while meeting with

customers but would take them down when they left.

Additionally, the record showed that the arbitrator and Di Vincenzo attended the same

event on at least two occasions, at meetings of Old Point’s “Southside Regional Board,” a non-

fiduciary Board that the arbitrator chaired, which held community engagement meetings aimed

at attracting referrals to Old Point National Bank. The arbitrator did not separately disclose his

chairmanship of this Board, which he performed in his capacity as a member of Old Point

National Bank’s Board of Directors. A meeting agenda and minutes showed that at one of those

two meetings, the arbitrator introduced Di Vincenzo as a speaker for a presentation scheduled to

last fifteen minutes. Finally, the record established that as a member of Old Point’s Board of

Directors, the arbitrator would have received Old Point Trust documents that contained

references to Di Vincenzo and Lion’s Bridge. The references were made in Old Point Trust’s

monthly meeting minutes and executive reports and presented to Old Point’s Directors, in

binders containing hundreds of pages of other documents, one or two days before board

meetings, before being returned by Directors at the meetings. The arbitrator testified that he did

not recall ever having met or introduced Di Vincenzo. Nor did he recall having read about

Di Vincenzo or Lion’s Bridge.

Before the circuit court, the arbitrator unequivocally stated, “I stand by my oath.” He

emphasized that he simply did not recall any interactions with either party prior to the arbitration

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Devin J. Garofalo v. Jayne W. Di Vincenzo, Counsel Stack Legal Research, https://law.counselstack.com/opinion/devin-j-garofalo-v-jayne-w-di-vincenzo-vactapp-2024.