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All articles tagged '"second circuit"'
29 articles found
Oral Argument Transcripts Now Available for Amex v. Italian Colors Restaurant
By Beth Graham - March 5, 2013
Last week, the United States Supreme Court heard oral arguments in American Express Corp. v. Italian Colors Restaurant, et al. (No. 12-133). The appeal from the Second Circuit addresses whether an arbitration clause that prohibits class action lawsuits is enforceable under the Federal Arbitration Act despite that it would compel arbitration of federal antitrust claims. It is the third time in three years the Supreme Court has considered the scope
SCOTUS to Consider Enforceability of Class Action Waivers in Arbitration Agreements
By Beth Graham - February 26, 2013
Tomorrow, the United States Supreme Court will hear oral arguments in American Express Corp. v. Italian Colors Restaurant, et al. (No. 12-133). The appeal from the United States Court of Appeals for the Second Circuit addresses whether the Federal Arbitration Act allows a court to invalidate an arbitration agreement that does not permit class arbitration of a federal law claim. In the case, a number of small businesses, including Italian Colors R
Second Circuit Denies Rehearing to American Express Merchants’ Litigation
By Victoria VanBuren - June 12, 2012
On May 29, 2012, the Second Circuit denied rehearing to Nat’l Supermarkets Ass’n v. Am. Express Travel Servs. Co. (In re Am. Express Merchants’ Litig.), No. 06-1871 cv (2d Cir. May 29, 2012). The underlying case (“Amex III“) had concluded that AT&T Mobility LLC v. Concepcion , 131 S.Ct. 1740 (2011) addresses state contract rights and does not apply to Amex III since Amex III deals with federal statutory rights. (
Article | The Errors of Comity: Forum Non Conveniens Returns to the Second Circuit
By Victoria VanBuren - May 2, 2012
We invite you to read Professor Alan Scott Rau’s (pictured right) most recent article entitled “The Errors of Comity: Forum Non Conveniens Returns to the Second Circuit,” American Review of International Arbitration, Forthcoming August 2012, Energy Center Research Paper No. 12-04. Here is the abstract: What a federal court is expected to do when asked to enforce a foreign arbitral award — what constraints the Conventions i
In Re American Express Merchants’ Litigation | The Meaning of AT&T Mobility LLC v. Concepcion
By Victoria VanBuren - March 8, 2012
Bloomberg Law published recently an interesting article by Andrew Pincus from Mayer Brown LLP regarding the Second Circuit case In Re American Express Merchants’ Litigation, No. 06-1871-cv, (2d Cir. Feb. 1, 2012): Does the Supreme Court’s landmark decision in AT&T Mobility LLC v. Concepcion – holding that arbitration clauses may not be invalidated on the ground that they contain class-action waivers – apply only when the underlying caus
Second Circuit Rules on the Meaning of ‘Customer’ Under FINRA
By Victoria VanBuren - December 1, 2011
The Second Circuit held recently that the term “customer” under FINRA Rule 12200 does not include a broker-dealer non-party to a credit default swap agreement. See Wachovia Bank v. VCG Special Opportunities Master Fund Ltd., No. 10-1648-cv (2d Cir. N.Y. Oct. 28, 2011). In the present case, Wachovia Bank, N.A. (“Wachovia Bank”) and Wachovia Capital Markets, LLC (“WCM”) (collectively “Wachovia”) sued
Second Circuit Clarifies FINRA Rule 12200
By Victoria VanBuren - October 6, 2011
As discussed at the ADR Prof Blog, the Second Circuit held that an issuer who purchases auction-facilitating services for its auction rate securities from a broker-dealer is a “customer” of that broker-dealer within the meaning of the Financial Industry Regulatory Authority (“FINRA”) Rule 12200. FINRA Rule 12200 governs whether FINRA members must submit to FINRA arbitration. In UBS Financial Services Inc. v. West Virginia University H
U.S. Supreme Court Vacates Class Arbitration Decision | Fensterstock v. Education Finance Partners
By Victoria VanBuren - June 14, 2011
Yesterday, the U.S. Supreme Court granted certiorari to Affiliated Computer Services, Inc. v. Fensterstock, No. 09-1562-cv. In Fensterstock v. Education Finance Partners, Inc., No. 08-CV-3622, 2009 U.S. Dist. LEXIS 30457 (S.D.N.Y. 2009) the U.S. District Court for the Southern District of New York had held that an arbitration agreement containing a class action waiver within a student loan promissory note is unconscionable and unenforceable as a
Second Circuit Eyes On Supreme Court, AT&T Mobility
By Beth Graham - October 14, 2010
A recent news story published in The AM Law Daily highlights an interesting arbitration case from the Second Circuit. The case involves a young attorney named Joshua Fensterstock who, after graduating with over $100,000 in student loans in 2003, consolidated his student loans in 2006 with Education Finance Partners (EFP), a student loan company serviced by Affiliated Computer Services (ACS). By August 2007, Fensterstock noticed that his loan bala
2009 Developments in Arbitration: Manifest Disregard of the Law
By Victoria VanBuren - December 24, 2009
In addition to the grounds for vacating awards provided by the Federal Arbitration Act (FAA), courts have developed the doctrine of “manifest disregard” of the law as a common-law ground to vacate awards. An arbitral panel is said to have manifestly disregarded the law if, knowing the existence of a clear legal principle, refuse to apply it. However, in 2008, in Hall Street Associates, LLC v. Mattel, Inc., 128 S.Ct. 1396 (2008) the U.S. Supreme C
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