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Dispute Resolution Keyed to Folberg, 4th Ed.
Prima Paint Corp. v. Flood & Conklin Manufacturing. Co.
Citation:
388 U.S. 395 (1967)Facts
On October 7, 1964, Prima Paint Corporation entered into a “Consulting Agreement” with Flood & Conklin Manufacturing Company, following Prima Paint’s purchase of F&C’s paint business. The consulting agreement provided that F&C would furnish advice and consultation regarding formulas, manufacturing operations, and sales for a six-year period, with services to be performed by F&C’s chairman, Jerome K. Jelin. F&C also agreed not to compete with Prima Paint in its existing sales territory. The agreement contained a broad arbitration clause stating that any controversy arising from the agreement would be settled by arbitration. When the first payment became due on September 1, 1965, Prima Paint placed the payment in escrow, claiming F&C had fraudulently represented its solvency when in fact it was insolvent and had filed for bankruptcy one week after signing the agreement. F&C served a notice of intention to arbitrate, and Prima Paint filed suit seeking rescission of the consulting agreement based on fraudulent inducement. Prima Paint also sought to enjoin F&C from proceeding with arbitration, while F&C moved to stay the court action pending arbitration.
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