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Fleetboston Financial Corporation v. Eric E. Alt, et al

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Before Lynch, Chief Judge,Howard, Circuit Judge, and DiClerico, *fn1 District Judge.

LYNCH, Chief Judge. The district court confirmed an arbitration award and later entered summary judgment against the assertion of certain compensation claims on the theory that they had been disposed of in the arbitration proceeding. Although the arbitral plaintiffs achieved a large measure of success in the arbitration, they appeal, arguing they should be free to further litigate their compensation claims in court. We disagree and affirm.

The underlying dispute involved the employment claims of a group of forty-two former employees of Robertson Stephens, Inc. (RSI), and was the subject of the longest arbitration ever held before the New York Stock Exchange (NYSE). Because the lead plaintiff in arbitration was Eric Alt, we refer to the appellants collectively as ALT, as do the parties. ALT asserted claims in arbitration under various theories of liability for over $140 million in damages. The arbitral panel heard many witnesses over two years and awarded over $14 million plus interest to twenty-seven of the forty-two ALT claimants. Fifteen claimants received nothing.

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