Legal Opinion
Antonio C. Mastrobuono and Diana G. Mastrobuono v. Shearson Lehman Hutton, Inc., a Corporation, Nick Diminico, Richard F. Benzer and Mark Stevenson
Court of Appeals for the Seventh Circuit
Decided March 30, 1994No. 93-1581PublishedCited by 47 opinions
1Opinion of the Court
SKINNER, District Judge.
An arbitration panel awarded $400,000 in punitive damages to the customers of a brokerage firm on their claims of unauthorized trading, churning, and margin exposure. The district court vacated the award because New York law, the governing law chosen by the parties, does not permit arbitrators to award punitive damages. We affirm.
In October 1985, the plaintiffs-appellants, Antonio and Diana Mastrobuono (“plaintiffs”), opened a brokerage account with Shearson Lehman Hutton, Inc. (“Shearson”). The plaintiffs are Illinois residents. Nick DiMinico, a vice president and…
2Cases cited23 opinions
- Moses H. Cone Memorial Hospital v. Mercury Construction Corp.Supreme Court of the United States · 1983
- Mitsubishi Motors Corp. v. Soler Chrysler-Plymouth, Inc.Supreme Court of the United States · 1985
- Volt Info. Sciences, Inc. v. Bd. of Trustees of Leland Stanford Jr. U.Supreme Court of the United States · 1989
- Garrity v. Lyle Stuart, Inc.New York Court of Appeals · 1976
- Norton Sarnoff and Carl Fletcher, and v. American Home Products Corporation, Defendant-Appellant-AppelleeCourt of Appeals for the Seventh Circuit · 1986
18 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- Mastrobuono v. Shearson Lehman Hutton, Inc.Supreme Court of the United States · 1995
- Smith Barney, Harris Upham & Co. v. LuckieNew York Court of Appeals · 1995
- Ahmad Baravati v. Josephthal, Lyon & Ross, Incorporated, and Peter SheibCourt of Appeals for the Seventh Circuit · 1994
- Carl E. Thomas v. Guardsmark, Inc.Court of Appeals for the Seventh Circuit · 2004
- Merrill Lynch, Pierce, Fenner & Smith, Inc. And Patrick Palella v. Peter H. Lauer and Therese A. LauerCourt of Appeals for the Seventh Circuit · 1995
42 more not listed; retrieve them via the Exa API.