Originally from Journal of American Arbitration (JAA)

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I. OVERVIEW 

II. BACKGROUND 

A. Arbitrability of Securities Claims and the Statutory Grounds for Vacatur of Arbitration Awards under the FAA. 

B. Manifest Disregard of the Law: An Accepted Nonstatutory Ground for Vacating Arbitration Awards. 

C. Arbitrary and Capricious: The Eleventh Circuit Stands Alone. 

D. The Essence Test: An Additional Nonstatutory Ground for Vacatur? 

III. THE COURT’S DECISION 

IV. ANALYSIS 

V. CONCLUSION