UBS Financial Services, Inc. v. Padussis

UBSFS filed suit seeking to vacate an arbitral award that, in practical effect, granted Gary Padussis over $900,000 in compensatory damages. The district court confirmed the arbitration award in its entirety and declined to impose an offset. In this case, UBSFS plainly agreed to arbitration; the dispute was within the scope of that agreement; and the rules by which the arbitration would proceed were openly declared and followed. The arbitration here spanned eighteen hearing sessions over nine separate days. Because the court found no basis for overturning the arbitral decision, the court affirmed the district court's judgment. The court explained that any other result would open arbitration proceedings to a host of challenges over the very type of subsidiary questions that Howsam v. Dean Witter Reynolds, indicated should be left to the discretion of the arbitral body. View "UBS Financial Services, Inc. v. Padussis" on Justia Law