Wiand v. Schneiderman, No. 14-11203 (11th Cir. 2015)
Annotate this CasePlaintiff, appointed the receiver of six hedge funds that were part of a Ponzi scheme orchestrated by Arthur Nadel, attempted to recover alleged "false profits" in connection with Nadel's fraudulent scheme. Herbert Schneiderman, now deceased, was among the investors who became subject to one of plaintiff's "clawback" suits. Schneiderman's estate moved to compel arbitration and the district court granted the motion. The arbitrator then granted summary judgment to the estate and denied plaintiff's motion for reconsideration. Plaintiff's motion to vacate the arbitrator's decision was denied. The court concluded that clawback actions are not categorically exempt from the Federal Arbitration Act (FAA), 9 U.S.C. 1 et seq.; the district court did not err in determining that the parties formed a contract and that questions as to its validity were for the arbitrator to decide; the district court did not err in sending all claims to arbitration; and the arbitrator did not so exceed or imperfectly use his powers that the district court erred in declining to vacate the award. Accordingly, the court affirmed the judgment.
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