In May of 1995 the U.S. Supreme Court handed down a significant decision about the allocation of functions between judges and arbitrators. First Options of Chicago v. Kaplan1 arose from an arbitral award rendered against both an investment company and its owners with respect to debts owed to a securities clearing house. The owners argued that they had never signed the arbitration agreement from which the arbitral tribunal drew its power, and consequently were not bound by its award. The Supreme Court held that the scope of the arbitration agreement was a matter...
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