Narrative Opinion Summary
The Supreme Court of New York County, presided over by Justice Jane Solomon, issued a judgment on October 26, 1994, that denied the petitioner's request to permanently stay arbitration, affirming the decision unanimously with costs. The petitioner contended that the respondent was obligated to arbitrate its dispute before the National Association of Securities Dealers, Inc., where the respondent initially filed its claims. However, the court found that a stipulation between the parties, which withdrew that submission "in its entirety and without prejudice," effectively returned the parties to their prior state. Consequently, the respondent retained the right to submit a new arbitration demand under the rules of any other exchanges specified in the pre-dispute agreement. The decision was concurred by Justices Sullivan, Ellerin, Wallach, Asch, and Williams.
Legal Issues Addressed
Arbitration Agreements and Stipulationssubscribe to see similar legal issues
Application: The court held that a stipulation withdrawing a submission to arbitration 'in its entirety and without prejudice' restores the parties to their prior positions, allowing for a new arbitration demand under different rules.
Reasoning: The court found that a stipulation between the parties, which withdrew that submission 'in its entirety and without prejudice,' effectively returned the parties to their prior state.
Denial of Stay of Arbitrationsubscribe to see similar legal issues
Application: The Supreme Court affirmed the decision to deny the petitioner's request to permanently stay arbitration, aligning with the stipulation's effect on the arbitration agreement.
Reasoning: The Supreme Court of New York County, presided over by Justice Jane Solomon, issued a judgment on October 26, 1994, that denied the petitioner's request to permanently stay arbitration, affirming the decision unanimously with costs.
Right to Arbitrate Under Different Rulessubscribe to see similar legal issues
Application: The respondent maintained the right to initiate arbitration under alternative rules specified in the pre-dispute agreement after the initial submission was withdrawn.
Reasoning: Consequently, the respondent retained the right to submit a new arbitration demand under the rules of any other exchanges specified in the pre-dispute agreement.