[Download] "Citigroup Global Markets Inc. v. Bacon" by United States Court of Appeals for the Ninth Circuit # eBook PDF Kindle ePub Free

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eBook details

• Title: Citigroup Global Markets Inc. v. Bacon
• Author : United States Court of Appeals for the Ninth Circuit
• Release Date : January 05, 2009
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 70 KB

Description

An arbitration panel ordered Citigroup Global Markets to pay Debra Bacon $256,000. Citigroup moved the district court to vacate the award, and the district court obliged on the basis that the arbitrators had manifestly disregarded the law. On appeal, we consider whether manifest disregard of the law remains a valid ground for vacatur of an arbitration award in the light of the Supreme Courts recent decision in Hall Street Associates, L.L.C. v. Mattel, Inc., 128 S.Ct. 1396, 1403 (2008). We conclude that Hall Street restricts the grounds for vacatur to those set forth in § 10 of the Federal Arbitration Act (FAA or Act), 9 U.S.C. § 1 et seq., and consequently, manifest disregard of the law is no longer an independent ground for vacating arbitration awards under the FAA. Hall Street effectively overrules our previous authority to the contrary, so we must VACATE the district courts judgment and REMAND for reconsideration in accord with the exclusivity of the statutory grounds.

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