Louisiana Stadium & Exposition Dist. v. Merrill Lynch, Pierce, Fenner & Smith Inc., No. 10-889

As the court wrote:  "Plaintiffs-appellants Louisiana Stadium & Exposition District and the State of Louisiana (collectively, "LSED") appeal from an order of the United States District Court for the Southern District of New York (Loretta A. Preska, Chief Judge), denying their motion to compel arbitration in their dispute with defendants-appellees Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPFS") and Merrill Lynch & Co., Inc. (jointly, "defendants"). Assuming for the argument that LSED possessed a right to arbitration, the District Court held that LSED had waived that right by expressing its intent to resolve the dispute through litigation. In re Merrill Lynch Auction Rate Secs. Litig., 09 MD 2030 (LAP), 2010 U.S. Dist. LEXIS 12764 (S.D.N.Y. Feb. 8, 2010). We affirm."