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Argued: March 26, 2002

Petitioner-appellant Perpetual Securities, Inc. (Perpetual) appeals from a judgment and order of the United States District Court for the Southern District of New York, Owen, J., denying Perpetual’s petition to vacate an arbitration award, granting respondents-appellees’ petition for confirmation of the award, and granting Rule 11 sanctions against Perpetual in the form of attorney’s fees and costs.

The district court determined that because Perpetual had not raised an independent ground of federal jurisdiction in its complaint, the court was without jurisdiction to vacate the arbitration award. After determining, however, that the Federal Arbitration Act conferred upon it jurisdiction to confirm an arbitration award, the district court confirmed the award in this case. Further, because Perpetual’s arguments attempting to raise a federal question were clearly against Circuit precedent, the district court awarded Rule 11 sanctions in the form of reasonable attorney’s fees and costs against Perpetual.

 
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