City of Detroit Pension Fund City of Detroit Police and Fireman Pension Fund v. Prudential Securities Incorporated

ALAN E. NORRIS, Circuit Judge.

Plaintiffs, the City of Detroit Pension Fund and the City of Detroit Police and Fireman Pension Fund (the “Funds”), appeal the judgment of the district court denying their petition to confirm an arbitration award and enjoining further arbitration. The Funds present two questions for review: (1) whether the district court had subject matter jurisdiction; and (2) whether the district court erred in deciding the merits of the arbitrability issue, rather than awaiting a determination by an arbitration panel. We affirm.

I. Facts

In late 1985 and early 1986, the Funds…