The Delaware Court of Chancery has rejected a plaintiff’s efforts to overturn two private arbitration decisions, holding that the complaint violated the Federal Arbitration Act because it was not served within the time frame established by the statute to challenge arbitration awards. In reaching its conclusion, the court ruled the clock began ticking on filing a complaint when the arbitration decisions were received by the stockholder representative and not the plaintiff himself.
Chancellor Leo E. Strine Jr. issued the opinion on June 7 inPryor v. IAC/InterActive . In addition to ruling that William Pryor’s complaints are time-barred, the chancellor also held that the plaintiff’s allegations that the arbitrator considered inadmissible evidence in reaching a conclusion and, therefore, breached his contract and fiduciary duties, should also be dismissed because they should be resolved by the arbitrator.
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