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Dispute Resolution Keyed to Carbonneau, 8th Ed.
Citigroup Global Markets v. Bacon
Citation:
562 F.3d 349 (2009)Facts
In 2002, Debra Bacon discovered that her husband had forged her signature to make five unauthorized withdrawals totaling $238,000 from her Citigroup Individual Retirement Accounts. Upon discovery, she immediately notified Citigroup. In 2004, Bacon submitted a claim in arbitration against Citigroup seeking reimbursement for these unauthorized withdrawals. The arbitration panel ruled in her favor, awarding her $218,000 in damages plus $38,000 in attorneys’ fees. Citigroup then applied to the district court to vacate the award under Section 10 of the Federal Arbitration Act. The district court granted the motion, holding that the award was made in manifest disregard of the law, citing three grounds: Bacon was not harmed because her husband used the money for her benefit and promised to repay her; Texas law barred claims not reported within thirty days; and Texas law required apportionment of liability to include Bacon’s husband.
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