Eleventh Circuit Affirms Assertion of Subject Matter Jurisdiction over Petition to Vacate Zero Dollar Arbitration Award

The Eleventh Circuit in Peebles v. Merrill Lynch, --- F.3d ----, 2005 WL 3357496 (11th Cir. Dec. 12, 2005) has upheld a district court's assertion of subject matter jurisdiction over a petition seeking to vacate a zero dollar award. The court reasoned that diversity jurisdiction existed because the party seeking to vacate the award was also seeking a new arbitration hearing at which he would demand a sum that exceeded the amount in controversy for diversity jurisdiction purposes.