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Terwilliger v. Resource America Inc.

Petition to Vacate Arbitral Award Is Untimely Under Three-Month Limit Period in FAA §12

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MEMORANDUM AND ORDER Petitioner Michael Terwilliger (“petitioner” or “Terwilliger”) brings this petition under Section 10 of the Federal Arbitration Act (“FAA”), 9 U.S.C. §10, to vacate an arbitration award and for attorneys fees and costs associated with the petition. See Petition to Vacate Arbitration Award (“Pet.”), ECF No. 9. For the reasons stated below, Terwilligers petition is dismissed in its entirety as untimely. BACKGROUND A. Factual Background This case arises from an employment compensation dispute between Terwilliger and his former employers, Resource America, Inc. and Resource Financial Fund Management, LLC (collectively, “respondents” or “Resource”), concerning Resources refusal to pay Terwilliger 2019 and 2020 bonuses based on the alleged “PM Compensation Formula” and provide him with equity in the fund he managed for Resource.¹ See Pet.

27-28, 30-31; Arbitration Award (the “Award”) at 3, ECF Nos. 4-1, 23-1. To recover the allegedly unpaid bonuses and equity, Terwilliger commenced arbitration proceedings on July 19, 2021 against Resource in the American Arbitration Associations (“AAA”) Employment Arbitration Tribunal in New York, New York.² See Pet. 33; ECF No. 32-2 at 2. After the parties exchanged discovery, completed depositions, and filed pre-hearing briefing, a two-day arbitration including testimony from four witnesses was held on May 3, 2022 and May 4, 2022 before a sole arbitrator, Lynne E. Fischman-Uniman. See Pet.

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