Fed. Sec. L. Rep. P 93,367 Rebecca King v. Drexel Burnham Lambert, Inc.

Fifth Circuit

Fed. Sec. L. Rep. P 93,367 Rebecca King v. Drexel Burnham Lambert, Inc.

825 F.2d 68, 1987 U.S. App. LEXIS 11308

CourtCourt of Appeals for the Fifth Circuit

DecidedAugust 25, 1987

Docket85-1717

StatusPublished

This text of 825 F.2d 68 (Fed. Sec. L. Rep. P 93,367 Rebecca King v. Drexel Burnham Lambert, Inc.) is published on Counsel Stack Legal Research, covering Court of Appeals for the Fifth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Fed. Sec. L. Rep. P 93,367 Rebecca King v. Drexel Burnham Lambert, Inc., 825 F.2d 68, 1987 U.S. App. LEXIS 11308 (5th Cir. 1987).

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Opinion

ON REMAND FROM THE SUPREME COURT OF UNITED STATES

PER CURIAM:

This case is now before us on remand from the United States Supreme Court, — U.S. -, 107 S.Ct. 3203, 96 L.Ed.2d 690. After our decision dismissing an interlocutory appeal affirming the district court’s refusal to compel arbitration of plaintiffs’ claims, King v. Drexel Burnham Lambert, Inc., 796 F.2d 59 (5th Cir.1986), defendant Drexel Burnham Lambert, Inc., petitioned the Supreme Court for writ of certiorari. On June 15, 1987, the Court entered the following order on Drexel Burnham Lambert’s petition:

ON WRIT OF CERTIORARI to the United States Court of Appeals for the Fifth Circuit.

THIS CAUSE having been submitted on the petition for a writ of certiorari and response thereto,

ON CONSIDERATION WHEREOF, it is ordered and adjudged by this Court that the judgment of the above court in this cause is vacated with costs, and that this cause is remanded to the United States Court of Appeals for the Fifth Circuit for further consideration in light of Shearson/American Express, Inc. v. McMahon, 482 U.S.-[107 S.Ct. 2332, 96 L.Ed.2d 185] (1987).

In Shearson/American Express, Inc. v. McMahon, — U.S. -, 107 S.Ct. 2332, 96 L.Ed.2d 185 (1987), the Supreme Court held, implicitly overruling Fifth Circuit precedent controlling our earlier decision, see 796 F.2d, at 60, that the Federal Arbitration Act requires the enforcement of agreements to arbitrate claims brought under the Securities Exchange Act of 1934. McMahon, 107 S.Ct. at 2343. The Court’s holding in McMahon is to be applied retroactively. See Noble v. Drexel Burnham Lambert Inc., 823 F.2d 849 (5th Cir.1987) (conducting retroactivity analysis of McMahon according to factors set out in Chevron Oil Co. v. Huson, 404 U.S. 97, 92 S.Ct. 349, 30 L.Ed.2d 296 (1971)).

Consistent with the mandate of the Supreme Court, we now REVERSE the district court’s order and REMAND with instructions to compel arhitration of all of plaintiffs’ claims in accordance with the Federal Arbitration Act and relevant agency regulations.

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ON REMAND FROM THE SUPREME COURT OF UNITED STATES

PER CURIAM:

This case is now before us on remand from the United States Supreme Court, — U.S. -, 107 S.Ct. 3203, 96 L.Ed.2d 690. After our decision dismissing an interlocutory appeal affirming the district court’s refusal to compel arbitration of plaintiffs’ claims, King v. Drexel Burnham Lambert, Inc., 796 F.2d 59 (5th Cir.1986), defendant Drexel Burnham Lambert, Inc., petitioned the Supreme Court for writ of certiorari. On June 15, 1987, the Court entered the following order on Drexel Burnham Lambert’s petition:

ON WRIT OF CERTIORARI to the United States Court of Appeals for the Fifth Circuit.

THIS CAUSE having been submitted on the petition for a writ of certiorari and response thereto,

ON CONSIDERATION WHEREOF, it is ordered and adjudged by this Court that the judgment of the above court in this cause is vacated with costs, and that this cause is remanded to the United States Court of Appeals for the Fifth Circuit for further consideration in light of Shearson/American Express, Inc. v. McMahon, 482 U.S.-[107 S.Ct. 2332, 96 L.Ed.2d 185] (1987).

In Shearson/American Express, Inc. v. McMahon, — U.S. -, 107 S.Ct. 2332, 96 L.Ed.2d 185 (1987), the Supreme Court held, implicitly overruling Fifth Circuit precedent controlling our earlier decision, see 796 F.2d, at 60, that the Federal Arbitration Act requires the enforcement of agreements to arbitrate claims brought under the Securities Exchange Act of 1934. McMahon, 107 S.Ct. at 2343. The Court’s holding in McMahon is to be applied retroactively. See Noble v. Drexel Burnham Lambert Inc., 823 F.2d 849 (5th Cir.1987) (conducting retroactivity analysis of McMahon according to factors set out in Chevron Oil Co. v. Huson, 404 U.S. 97, 92 S.Ct. 349, 30 L.Ed.2d 296 (1971)).

Consistent with the mandate of the Supreme Court, we now REVERSE the district court’s order and REMAND with instructions to compel arhitration of all of plaintiffs’ claims in accordance with the Federal Arbitration Act and relevant agency regulations.

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