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Dispute Resolution Keyed to Carbonneau, 8th Ed.
First Options of Chicago, Inc. v. Kaplan
Citation:
514 U.S. 938 (1995)Facts
After the 1987 stock market crash, Manuel Kaplan, Carol Kaplan, and MKI (Manuel’s wholly owned investment company) entered into a “workout” agreement with First Options of Chicago to resolve debts. The agreement consisted of four documents, only one of which contained an arbitration clause, and this document was signed by MKI but not personally by the Kaplans. When MKI lost an additional $1.5 million in 1989, First Options liquidated MKI assets, demanded immediate payment of the entire debt, and insisted the Kaplans personally pay any deficiency. When these demands were not met, First Options sought arbitration. MKI accepted arbitration, but the Kaplans filed written objections with the arbitration panel, arguing that they had not personally agreed to arbitrate. The arbitrators decided they had jurisdiction to rule on the merits and found in favor of First Options.
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