Frydman v. Cosmair, Inc.

1995 WL 404841 (1995)

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Frydman v. Cosmair, Inc.

United States District Court for the Southern District of New York
1995 WL 404841 (1995)

Facts

Frydman (plaintiff) was involved in two proceedings with related entities Cosmair, Inc., and L’Oreal (defendants). Both proceedings were arbitrated by Mayoux. After the first proceeding, Frydman and L’Oreal entered into a contract in France in which L’Oreal agreed to purchase shares from Frydman at a price to be determined by Mayoux. In a letter to Mayoux from both Frydman and L’Oreal, the parties explained that Mayoux’s price determination would form the price term of the contract. The second proceeding resulted in a price determination by Mayoux for the shares that L’Oreal agreed to buy from Frydman. Frydman petitioned the Paris Tribunal de Grande Instance (TGI), a trial court, to quash the share valuation set by Mayoux. The TGI quashed the price determination. Frydman then filed suit in New York state court against Cosmair for fraud related to the shares. Cosmair removed the case to federal district court, arguing that the federal court had jurisdiction under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the convention). Frydman moved to remand, arguing that the proceeding was not arbitration falling within the governance of the convention but was instead a price arbitration under Article 1592 of the French Civil Code.

Rule of Law

Issue

Holding and Reasoning (Preska, J.)

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