Landis Rath & Cobb, together with Duval & Stachenfeld LLP, successfully petitioned the Court of Chancery to confirm an arbitration decision and award, including an award of punitive damages. Respondent Investment Hunter tried to challenge a FINRA Award on grounds that the arbitration Panel exceeded its authority in awarding punitive damages to our client Credit Suisse. Investment Hunter’s argument – that a New York state rule prohibiting arbitrators from awarding punitive damages applies here – however, was in conflict with the FAA. As we arguew and as the Court agreed as recognized in Mastrobuono v. Shearson Lehman Hutton, Inc., 514 U.S. 52 (1995), the FAA preempts the New York rule against punitive damages when parties, as here, have contractually agreed to the arbitration.
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