StoneX Markets LLC v. Cooperativa de Caficultores del Suroeste de Antioquia

Background

StoneX Markets LLC petitioned for a default judgment confirming an American Arbitration Association arbitration award against Cooperativa de Caficultores del Suroeste de Antioquia. StoneX also requested attorneys’ fees and costs incurred in seeking confirmation of the award.

The court referred the motion to Magistrate Judge Wang. In a January 25, 2024, Report and Recommendation, Judge Wang recommended that StoneX’s motion for default judgment be granted and that a default judgment affirming the arbitration award be entered against Cooperativa. The recommendation also advised denying StoneX’s request for additional attorneys’ fees.

Objections and Review

The Report and Recommendation gave the parties fourteen days to object and warned that failing to object on time would waive the right to object. Cooperativa filed no objections and did not request an extension. The court therefore found that Cooperativa had waived its right to object to the recommendation or obtain appellate review of it. Even so, the court independently reviewed the petition and the recommendation and found the recommendation well reasoned and supported by the facts and law.

Ruling

Judge Jessica G. L. Clarke adopted the Report and Recommendation in its entirety. The resulting disposition was a default judgment affirming the arbitration award against Cooperativa, while StoneX’s request for additional attorneys’ fees was denied. The clerk was directed to close the case and mail a copy of the order to Cooperativa.