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MASTROBUONO v. SHEARSON LEHMAN HUTTON, INC.

No. 93-1581.

20 F.3d 713 (1994)

Antonio C. MASTROBUONO and Diana G. Mastrobuono, Plaintiffs-Appellants, v. SHEARSON LEHMAN HUTTON, INC., a corporation, Nick DiMinico, Richard F. Benzer and Mark Stevenson, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided March 30, 1994.

Attorney(s) appearing for the Case

Peter J. Karabas, James L. Fox, Donald P. Colleton (argued), Abramson & Fox, Chicago, IL, for plaintiffs-appellants.

Thomas M. Knepper, Robert J. Mandel (argued), Therese M. Obringer, Neal, Gerber & Eisenberg, Chicago, IL, for defendants-appellees.

Before BAUER and COFFEY, Circuit Judges, and SKINNER, District Judge.

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...

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