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Securities Regulation Keyed to Coffee
Mastrobuono v. Shearson Lehman Hutton, Inc.
Facts
A professional couple, the Mastrobuonos (Plaintiff), invested with respondent Shearson from 1985-87. Two years later, petitioners brought suit in district court alleging that Shearson had mishandled their funds. Following the rules of the National Association of Securities Dealers, the client contract contained provisions for arbitration, and Shearson petitioned to stay the proceedings. The court granted the motion, and in arbitration Shearson was held liable for a few hundred thousand in punitive damages. Shearson alleged that the client contract had a choice of law provision for New York that only allowed punitive damage awards in judicial tribunals, not arbitration, and so arbiters had no power to award punitive damages. The award was vacated by the district court for this reason, and the Seventh Circuit affirmed. The Supreme Court granted certiorari to rectify conflicts within those circuits.
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