United States Second Circuit

In an action arising out of arises out of plaintiff's exercise of its contractual option to purchase defendant's ownership stake in a jointly owned high-rise luxury residential building in New York City, the district court's order vacating the arbitrator's determination of fair market value and upholding the arbitrator's refusal of plaintiff's demand for a determination of the Purchase Price, is: 1) affirmed in part, where the arbitrator acted within his discretion in declining to determine the Purchase Price; 2) vacated in part as to the district court's order overturning the arbitrator's determination of the Stated Value, where the arbitrator acted within its discretion in excluding certain hearsay evidence; and 3) remanded with instructions to confirm the arbitration award. In a separate action, the district court properly dismissed defendant's claims against plaintiff for breach of fiduciary duties and breach of the implied covenant of good faith and fair dealing.

Appellate Information

• Decided 07/31/2013
• Published 07/31/2013

Judges

• LEVAL

Court

• United States Second Circuit

Counsel