Kumaran v. ADM Investor Services, Inc.

CourtDistrict Court, S.D. New York
DecidedJanuary 17, 2025
Docket1:20-cv-03873
StatusUnknown

This text of Kumaran v. ADM Investor Services, Inc. (Kumaran v. ADM Investor Services, Inc.) is published on Counsel Stack Legal Research, covering District Court, S.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Kumaran v. ADM Investor Services, Inc., (S.D.N.Y. 2025).

Opinion

UNITED STATES DISTRICT COURT ELECTRONICALLY FILED DOC #: _________________ SOUTHERN DISTRICT OF NEW YORK DATE FILED: 1/17/2025 ----------------------------------------------------------------- X : SAMANTHA SIVA KUMARAN, et al., : : Plaintiffs, : 1:20-cv-3873-GHW : -v- : ORDER : ADM INVESTOR SERVICES, INC., : : Defendant. : : ------------------------------------------------------------------ X GREGORY H. WOODS, United States District Judge: I. INTRODUCTION On June 20, 2024, Defendant ADM Investor Services, Inc. (“ADMIS”) filed a motion to confirm an arbitration award against Plaintiff Nefertiti Risk Capital Management, LLC (“NRCM”). Dkt. No. 304. On July 5, 2024, Plaintiffs filed a cross-motion to stay this action pending a decision by the Second Circuit on an appeal in this action and by the District of Connecticut in two related actions. Dkt. No. 311. Judge Aaron issued a report and recommendation (the “R&R”) on October 24, 2024. Dkt. No. 322. The R&R recommended that the Court confirm the arbitration award as to ADMIS and deny Plaintiffs’ motion to stay the action. Because the Court has jurisdiction to confirm the award and because the award has not been vacated, modified, or corrected, the Court adopts the R&R in its entirety. II. BACKGROUND A. Procedural History Plaintiffs object to Judge Aaron’s exposition of the relevant procedural history, so the Court provides its own brief summary de novo. Plaintiffs Samantha Siva Kumaran and NRCM commenced this action on May 18, 2020. Dkt. No. 1. Plaintiffs asserted claims under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. § 1961, et seq., the Defend Trade Secrets Act, 18 U.S.C. § 1836, et seq., and various common law causes of action. See Amended Complaint, Dkt. No. 15. The same week that Plaintiffs commenced this action, Plaintiffs filed two related actions in this district. See Kumaran v. National Futures Association, No. 20-CV-03668 (S.D.N.Y.); Kumaran v. Vision Financial Markets, LLC, No. 20-CV-03871 (S.D.N.Y.) (hereinafter referred to as the “Vision Action”). The Vision Action was transferred to the District of Connecticut before the Honorable Michael P. Shea with Plaintiffs’ consent on December 6, 2022. See December 6, 2022 Order, 20-

CV-03871, Dkt. No. 246. On June 7, 2021, Judge Aaron granted ADMIS’s motion to compel arbitration with respect to NRCM’s claims against ADMIS. Dkt. No. 63. Ms. Kumaran’s claims against ADMIS were stayed pending arbitration. Id. In that opinion, Judge Aaron denied the motion by two of Ms. Kumaran’s other entities, Nefertiti Asset Management, LLC (“NAM”) and Nefertiti Holding Corporation (“NHC”), to intervene. Id. This Court affirmed that decision on February 18, 2022. Dkt. No. 90. NAM and NHC filed a notice of appeal regarding their motion to intervene on April 20, 2022. Dkt. No. 113. This appeal remains pending. NRCM commenced an arbitration proceeding before the National Futures Association (“NFA”), naming ADMIS as a respondent, and on November 15, 2023, a three-arbitrator panel issued an award denying all of NRCM’s claims. See Dkt. No. 304-1 (the “Award). The Award required NRCM to pay ADMIS’s attorneys’ fees and costs incurred in connection with the

arbitration. Id. at 2. A copy of the Award was served on Plaintiffs on November 17, 2023. Dkt. No. 249-1. On January 16, 2024, other parties to the arbitration filed an application in Connecticut state court to confirm the Award; this application was removed by NRCM to the District of Connecticut on April 5, 2024. See High Ridge Futures, LLC v. Nefertiti Risk Capital Management, LLC, No. 3:24-CV- 641 (MPS) (D. Conn.), Dkt. No. 1. That case was then transferred to Judge Shea on April 11, 2024. High Ridge Futures, No. 3:24-CV-641 (MPS) (D. Conn.), Dkt. No. 12. On February 16, 2024, Plaintiffs filed motions to vacate the Award in the Vision Action before Judge Shea. Kumaran v. Vision Financial Markets, LLC, No. 3:22-CV-1653 (MPS) (D. Conn.), Dkt. Nos. 291, 292, 295. That same day, NRCM filed a motion to vacate the Award in this action. Dkt. No. 275. Also that same day, Ms. Kumaran filed a letter, which stated that it was “effectuat[ing] service via ECF upon [defense counsel] and notice that the attached Memorandum of Law was filed in the

District Court of Connecticut to vacate the Arbitration Award.” Dkt. No. 276. Then on February 23, 2024, NRCM filed a letter stating that its motion was “incorrectly filed” and that the “sole intention was to file the document for the purpose of service and notice only” for the motion “properly filed in the District of Connecticut.” Dkt. No. 279. Judge Aaron thereafter endorsed this letter and deemed NRCM’s motion withdrawn. Dkt. No. 280. Citing the “multiplicity of litigation on the enforceability of the arbitration award, Judge Shea entered an order on February 26, 2024 denying Plaintiffs’ motions to vacate without prejudice and staying the Vision Action until this Court “has decided the motions to vacate the arbitration award or the Connecticut Superior Court has decided the application to confirm the arbitration award.” Kumaran, No. 3:22-CV-1653 (MPS) (D. Conn.), Dkt. No. 301. NRCM filed a motion to reopen the Vision Action on February 28, 2024, arguing that Judge Shea was under a “misimpression that there is a motion to vacate . . . pending in the Southern District of New York. There is not.” Kumaran,

No. 3:22-CV-1653 (MPS) (D. Conn.), Dkt. No. 302 at 1. NRCM asserted that “motions to vacate were properly and timely filed only in the District Court of Connecticut.” Id. That same day, Ms. Kumaran filed a motion for reconsideration in the Vision Action also stating that “[t]here is no vacatur motion pending in the SDNY.” Kumaran, No. 3:22-CV-1653 (MPS) (D. Conn.), Dkt. No. 303 at 1. On June 20, 2024, ADMIS filed a motion to confirm the arbitration award in this case. Dkt. No. 304. And on July 5, 2024, Plaintiffs filed a motion to stay this case. Dkt. No. 311. The parties briefed the issue before Judge Aaron, and Judge Aaron issued the R&R on October 24, 2024. Dkt. No. 322. Plaintiffs filed objections to the R&R on December 5, 2024. Dkt. No. 326 (the “Objections”). ADMIS filed a response to Plaintiffs’ objections on December 19, 2024. Dkt. No. 327 (the “Response”). Plaintiffs filed replies on December 26, 2024 without permission of the Court. Dkt. Nos. 328, 329; see Individual Rule 3(H) (“Objections to Rulings by Magistrate

Judges. . . . Reply briefs may not be filed without prior leave of Court.”). B. The R&R and Plaintiffs’ Objections The R&R recommends that the Court find the following: (1) this Court has jurisdiction over ADMIS’s motion to confirm the Award because the motion “is not an aspect of the case involved in” NAM’s and NHC’s pending appeal, R&R at 6–7; (2) contrary to Plaintiffs’ request, ADMIS’s motion should not be stayed, transferred to the District of Connecticut, or dismissed on account of the motions to vacate filed (and stayed) in the District of Connecticut, R&R at 7–14; and (3) because the Award has not been vacated, modified, or corrected, the Award should be confirmed, and judgment should be entered in favor of ADMIS against NRCM in the amount of $228,806.29, R&R at 14–16. Plaintiffs’ briefing offers several objections. First, Plaintiffs contend that the R&R failed to consider that they were “subject to a biased and corrupt Arbitration.” Objections at 1; see

Objections at 1–5. Second, Plaintiffs argue that the pending appeal “would [] impact ruling on these motions to conform [sic] and vacate,” and therefore this Court lacks jurisdiction to act on ADMIS’s motion to confirm the Award. Objections at 7.

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