rodriguez
de
quijas
argued
march
decided
may
petitioners
securities
investors
signed
standard
customer
agreement
included
agreement
settle
account
disputes
binding
arbitration
unless
agreement
found
unenforceable
federal
state
law
investments
turned
sour
petitioners
brought
suit
district
inter
alios
respondent
brokerage
firm
alleging
money
lost
unauthorized
fraudulent
transactions
violation
among
things
provisions
securities
act
securities
exchange
act
district
ordered
securities
act
claims
submitted
arbitration
holding
claims
must
proceed
action
pursuant
ruling
wilko
swan
agreement
arbitrate
securities
act
claims
void
act
prohibits
binding
stipulation
waive
compliance
provision
act
appeals
reversed
concluding
arbitration
agreement
enforceable
subsequent
decisions
reduced
wilko
obsolescence
held
predispute
agreement
arbitrate
claims
securities
act
enforceable
resolution
claims
judicial
forum
required
pp
wilko
overruled
incorrectly
decided
inconsistent
prevailing
uniform
construction
federal
statutes
governing
arbitration
agreements
setting
business
transactions
see
particularly
express
mcmahon
declined
read
act
identical
act
prohibit
enforcement
predispute
agreements
arbitrate
stressed
strong
language
arbitration
act
declaring
federal
policy
favoring
arbitration
undesirable
wilko
mcmahon
exist
side
side
inconsistency
odds
principle
acts
construed
harmoniously
order
discourage
litigants
manipulating
allegations
merely
cast
claims
one
rather
securities
law
pp
customary
rule
retroactive
application
law
announced
decision
controls
case
bar
appropriate
although
decision
overrule
wilko
establishes
new
principle
law
ruling
furthers
purpose
effect
arbitration
act
without
undermining
securities
act
produce
substantial
inequitable
results
resort
arbitration
inherently
undermine
petitioners
substantive
rights
securities
act
pp
kennedy
delivered
opinion
rehnquist
white
scalia
joined
stevens
filed
dissenting
opinion
brennan
marshall
blackmun
joined
post
denis
downey
argued
cause
filed
briefs
petitioners
theodore
krebsbach
argued
cause
respondent
brief
jeffrey
friedman
paul
windels
iii
filed
brief
securities
industry
association
et
al
amici
curiae
urging
affirmance
justice
kennedy
delivered
opinion
question
whether
predispute
agreement
arbitrate
claims
securities
act
unenforceable
requiring
resolution
claims
judicial
forum
petitioners
individuals
invested
securities
signed
standard
customer
agreement
broker
included
clause
stating
parties
agreed
settle
controversies
relating
accounts
binding
arbitration
complies
specified
procedures
agreement
arbitrate
controversies
unqualified
unless
found
unenforceable
federal
state
law
customer
agreement
investments
turned
sour
petitioners
eventually
sued
respondent
charge
accounts
alleging
money
lost
unauthorized
fraudulent
transactions
complaint
pleaded
various
violations
federal
state
law
including
claims
securities
act
claims
three
sections
securities
exchange
act
district
ordered
claims
submitted
arbitration
except
raised
securities
act
held
latter
claims
must
proceed
action
clear
holding
point
wilko
swan
district
reaffirmed
ruling
upon
reconsideration
also
entered
default
judgment
broker
longer
case
appeals
reversed
concluding
arbitration
agreement
enforceable
subsequent
decisions
reduced
wilko
obsolescence
rodriguez
de
quijas
granted
certiorari
ii
wilko
case
decided
required
determine
whether
agreement
arbitrate
future
controversies
constitutes
binding
stipulation
waive
compliance
provision
securities
act
nullified
act
considered
language
purposes
legislative
history
securities
act
concluded
agreement
arbitrate
void
decision
difficult
one
view
competing
legislative
policy
embodied
arbitration
act
described
easily
reconcilable
strongly
favors
enforcement
agreements
arbitrate
means
securing
prompt
economical
adequate
solution
controversies
recognized
wilko
obviously
correct
language
prohibiting
waiver
compliance
provision
title
easily
read
relate
substantive
provisions
act
without
including
remedy
provisions
scherk
stevens
dissenting
rev
read
language
way
wilko
however
gave
two
reasons
first
rejected
argument
arbitration
merely
form
trial
used
lieu
trial
law
found
instead
permit
waiver
right
select
judicial
forum
favor
arbitration
arbitration
lacks
certainty
suit
law
act
enforce
buyer
rights
second
concluded
securities
act
intended
protect
buyers
securities
often
deal
arm
length
equal
terms
sellers
offering
wider
choice
courts
venue
enjoyed
participants
business
transactions
making
right
select
judicial
forum
particularly
valuable
feature
securities
act
think
reasons
justify
interpretation
prohibits
agreements
arbitrate
future
disputes
relating
purchase
securities
characterization
arbitration
process
wilko
pervaded
judge
jerome
frank
called
old
judicial
hostility
arbitration
kulukundis
shipping
amtorg
trading
view
steadily
eroded
years
beginning
lower
courts
see
scherk
supra
stevens
dissenting
citing
cases
erosion
intensified
recent
decisions
upholding
agreements
arbitrate
federal
claims
raised
securities
exchange
act
see
express
mcmahon
racketeer
influenced
corrupt
organizations
rico
statutes
see
antitrust
laws
see
mitsubishi
motors
soler
see
also
dean
witter
reynolds
byrd
federal
arbitration
statute
requires
rigorously
enforce
agreements
arbitrate
moses
cone
memorial
hospital
mercury
construction
uestions
arbitrability
must
addressed
healthy
regard
federal
policy
favoring
arbitration
shift
views
arbitration
away
adopted
wilko
shown
flat
statement
mitsubishi
agreeing
arbitrate
statutory
claim
party
forgo
substantive
rights
afforded
statute
submits
resolution
arbitral
rather
judicial
forum
extent
wilko
rested
suspicion
arbitration
method
weakening
protections
afforded
substantive
law
complainants
fallen
far
step
current
strong
endorsement
federal
statutes
favoring
method
resolving
disputes
outmoded
presumption
disfavoring
arbitration
proceedings
set
one
side
becomes
clear
right
select
judicial
forum
wider
choice
courts
essential
features
securities
act
properly
construed
bar
waiver
provisions
critical
waived
rationale
securities
act
intended
place
buyers
securities
equal
footing
sellers
wilko
identified
two
different
kinds
provisions
securities
act
advance
objective
substantive
provision
placing
seller
burden
proving
lack
scienter
buyer
alleges
fraud
see
citing
others
procedural
specific
procedural
improvements
highlighted
wilko
statute
broad
venue
provisions
federal
courts
existence
nationwide
service
process
federal
courts
extinction
requirement
applied
fraud
suits
brought
federal
courts
diversity
jurisdiction
rather
federal
cause
action
grant
concurrent
jurisdiction
state
federal
courts
without
possility
possibility
removal
see
citing
sound
basis
construing
prohibition
waiving
compliance
provision
securities
act
apply
procedural
provisions
although
first
three
measures
facilitate
suits
buyers
securities
grant
concurrent
jurisdiction
constitutes
explicit
authorization
complainants
waive
protections
filing
suit
state
without
possibility
removal
federal
measures
moreover
present
federal
statutes
interpreted
prohibit
enforcement
predispute
agreements
arbitrate
see
express
mcmahon
supra
construing
securities
exchange
act
see
ibid
construing
rico
statutes
see
mitsubishi
motors
soler
supra
construing
antitrust
laws
see
indeed
mcmahon
declined
read
securities
exchange
act
language
every
respect
act
compare
prohibit
enforcement
predispute
agreements
arbitrate
conceivable
distinction
regard
securities
act
securities
exchange
act
former
statute
allows
concurrent
jurisdiction
causes
action
latter
statute
provides
exclusive
federal
jurisdiction
even
distinction
thought
make
difference
suggest
arbitration
agreements
effect
specialized
kind
clause
scherk
prohibited
securities
act
since
like
provision
concurrent
jurisdiction
serve
advance
objective
allowing
buyers
securities
broader
right
select
forum
resolving
disputes
whether
judicial
otherwise
mcmahon
explained
length
rejected
wilko
aversion
arbitration
forum
resolving
disputes
securities
transactions
especially
light
relatively
recent
expansion
securities
exchange
commission
authority
oversee
regulate
arbitration
procedures
need
repeat
arguments
finally
mcmahon
stressed
strong
language
arbitration
act
declares
matter
federal
law
arbitration
agreements
shall
valid
irrevocable
enforceable
save
upon
grounds
exist
law
equity
revocation
contract
statute
party
opposing
arbitration
carries
burden
showing
congress
intended
separate
statute
preclude
waiver
judicial
remedies
waiver
judicial
remedies
inherently
conflicts
underlying
purposes
statute
justice
frankfurter
said
dissent
wilko
true
case
nothing
record
us
facts
take
judicial
notice
indicate
arbitral
system
afford
plaintiff
rights
entitled
petitioners
carried
burden
showing
arbitration
agreements
enforceable
securities
act
language
quoted
arbitration
act
also
allows
courts
give
relief
party
opposing
arbitration
presents
claims
agreement
arbitrate
resulted
sort
fraud
overwhelming
economic
power
provide
grounds
revocation
contract
mitsubishi
avenue
relief
harmony
securities
act
concern
protect
buyers
securities
removing
disadvantages
buyers
labor
dealings
sellers
wilko
supra
although
petitioners
suggest
agreement
arbitrate
adhesive
nature
record
contains
factual
showing
sufficient
support
suggestion
iii
suggest
appeals
authority
taken
step
renouncing
wilko
precedent
direct
application
case
yet
appears
rest
reasons
rejected
line
decisions
appeals
follow
case
directly
controls
leaving
prerogative
overruling
decisions
conclude
wilko
incorrectly
decided
inconsistent
prevailing
uniform
construction
federal
statutes
governing
arbitration
agreements
setting
business
transactions
although
normally
properly
reluctant
overturn
decisions
construing
statutes
done
achieve
uniform
interpretation
similar
statutory
language
commissioner
estate
church
correct
seriously
erroneous
interpretation
statutory
language
undermine
congressional
policy
expressed
legislation
see
boys
markets
retail
clerks
overruling
sinclair
refining
atkinson
purposes
served
overruling
wilko
decision
also
undesirable
decisions
wilko
mcmahon
continue
exist
side
side
inconsistency
odds
principle
acts
construed
harmoniously
constitute
interrelated
components
federal
regulatory
scheme
governing
transactions
securities
ernst
ernst
hochfelder
case
example
petitioners
claims
act
subjected
arbitration
claim
act
permitted
go
arbitration
required
proceed
result
makes
little
sense
similar
claims
based
similar
facts
supposed
arise
within
single
federal
regulatory
scheme
addition
inconsistency
wilko
mcmahon
undermines
essential
rationale
harmonious
construction
two
statutes
discourage
litigants
manipulating
allegations
merely
cast
claims
one
securities
laws
rather
another
reasons
therefore
overrule
decision
wilko
petitioners
argue
finally
overrules
wilko
apply
ruling
retroactively
facts
case
disagree
general
rule
long
standing
law
announced
decision
controls
case
bar
see
saint
francis
college
schooner
peggy
cranch
civil
cases
restricted
rulings
prospective
application
specific
circumstances
present
chevron
oil
huson
chevron
approach
customary
rule
retroactive
application
appropriate
although
decision
overrule
wilko
establishes
new
principle
law
arbitration
agreements
securities
act
ruling
furthers
purposes
effect
arbitration
act
without
undermining
securities
act
today
ruling
moreover
produce
substantial
inequitable
results
petitioners
make
serious
allegation
agreed
arbitrate
future
disputes
relating
investment
contracts
reliance
wilko
holding
agreements
held
unenforceable
courts
conclusion
reinforced
assessment
resort
arbitration
process
inherently
undermine
substantive
rights
afforded
petitioners
securities
act
judgment
appeals
affirmed
carefully
limited
holding
apply
arbitration
agreements
made
prior
existence
controversy
see
jackson
concurring
contrast
courts
uniformly
concluded
wilko
apply
submission
arbitration
existing
disputes
express
mcmahon
justice
stevens
justice
brennan
justice
marshall
justice
blackmun
join
dissenting
appeals
refused
follow
wilko
swan
controlling
precedent
majority
correctly
acknowledges
ante
appeals
therefore
engaged
indefensible
brand
judicial
activism
course
subject
restraint
asked
upset
one
precedents
earlier
opinion
gives
statutory
provision
concrete
meaning
congress
elects
amend
ensuing
decades
duty
respect
congress
work
product
strikingly
similar
duty
federal
courts
respect
work
product
final
analysis
justice
vote
case
like
depends
views
respective
lawmaking
responsibilities
congress
conflicting
policy
interests
judges
confidence
ability
fashion
public
policy
less
hesitant
change
law
us
inclined
give
wide
latitude
views
voters
representatives
matters
cf
boyle
technologies
pointed
years
ago
scherk
dissenting
opinion
rev
valid
policy
textual
arguments
sides
regarding
interrelation
federal
securities
arbitration
acts
see
ante
none
arguments
however
carries
sufficient
weight
tip
balance
judicial
legislative
authority
overturn
interpretation
act
congress
settled
many
years
respectfully
dissent
footnotes
cf
mcmahon
stevens
concurring
part
dissenting
part
fter
statute
construed
acquires
meaning
clear
judicial
gloss
drafted
congress
position
reflects
respect
congress
role
see
boys
market
retail
clerks
black
dissenting
compelling
need
preserve
courts
limited
resources
see
cardozo
nature
judicial
process
indeed
first
debated
arguments
opinion
majority
overrules
compare
wilko
frankfurter
dissenting
recently
revisited
mcmahon
supra
action
based
upon
securities
exchange
act
compare
blackmun
concurring
part
dissenting
part