Citigroup Global Markets v. Bacon

562 F.3d 349 (2009)

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Citigroup Global Markets v. Bacon

United States Court of Appeals for the Fifth Circuit
562 F.3d 349 (2009)

  • Written by Alexander Hager-DeMyer, JD

Facts

Debra Bacon (defendant) held retirement accounts with Citigroup Global Markets, Inc. (Citigroup) (plaintiff). Bacon’s husband forged her signature and withdrew thousands of dollars from Bacon’s account without her permission. Upon discovering the withdrawals, Bacon notified Citigroup. Bacon submitted a claim to arbitration against Citigroup, seeking reimbursement of the unauthorized withdrawals. The arbitration panel issued an award to Bacon, and Citigroup petitioned to have the award vacated in federal district court. The district court granted Citigroup’s motion, finding that the arbitration panel made the award in manifest disregard of the law. Bacon appealed to the Fifth Circuit.

Rule of Law

Issue

Holding and Reasoning (Jolly, J.)

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