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SAWTELLE v. WADDELL & REED

6 Misc.3d 487 (2004)

789 N.Y.S.2d 857

STEPHEN B. SAWTELLE et al., Petitioners, v. WADDELL & REED, INC., et al., Respondents.

Supreme Court, New York County.

November 30, 2004.

Attorney(s) appearing for the Case

Sullivan, Papain, Block, McGrath & Cannavo, New York City, and Liddle & Robinson, L.L.P., New York City (Brian J. Shoot, Jeffrey L. Liddle and Michael E. Grenert of counsel), for Stephen B. Sawtelle, petitioner.

Skadden, Arps, Slate, Meagher & Flom, LLP, New York City (Seth M. Schwartz and Timothy G. Nelson of counsel), for respondents.

OPINION OF THE COURT

MICHAEL D. STALLMAN, J.

This motion to modify this court's order vacating an arbitration award raises a novel issue: May the New York Supreme Court order a conditional remittitur in an arbitration proceeding? Specifically, may this court order reduction of an excessive punitive damage award as an alternative to a costly new arbitration?

Facts

This matter comes before this court for the third time. By order and judgment...

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