United States Second Circuit

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NASDAQ OMX Group v. UBS Securities, 13-2657-cv

Preliminary injunction entered in favor of plaintiff barring defendant from participation in arbitration pertaining to how it conducted the Facebook IPO is affirmed, where: 1) federal question jurisdiction jurisdiction was properly exercised, as the arbitration demand raises disputed issues of federal securities law and the exercise of federal jurisdiction in these circumstances will not disrupt the federal-state balance approved by Congress; 2) an intent to submit the question to arbitration cannot be inferred when there is a broad arbitration clause with a carve-out provision; and 3) defendant’s claims are not subject to arbitration because they fall within the preclusive language of NASDAQ rule 4626(a), and the parties specifically agreed that their arbitration agreement was subject to the NASDAQ rules.

Appellate Information

  • Decided 10/31/2014
  • Published 10/31/2014


  • Raggi


  • United States Second Circuit