Greenberg v. Bear, Stearns & Co.
United States Court of Appeals for the Second Circuit
220 F.3d 22 (2000)
- Written by Emily Pokora, JD
Facts
Sterling Foster was the broker for Howard Greenberg (plaintiff). Foster received securities clearing services from Bear, Stearns & Company, Inc. (Bear) (defendant). Greenberg initiated arbitration against Bear before the National Association of Security Dealers, alleging fraud and violations of state and federal securities laws. At arbitration, Greenberg’s claims were dismissed, and an award was issued for Bear. Greenberg petitioned the federal district court to vacate the award, arguing that the arbitrator panel “violated public policy and manifestly disregarded the law.” Bear opposed the motion, arguing that the court lacked federal subject-matter jurisdiction to review the award. The district court denied the motion, and Greenberg appealed.
Rule of Law
Issue
Holding and Reasoning (Walker, J.)
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