Opinion ID: 75971
Heading Depth: 2
Heading Rank: 3

Heading: the dismissal of the fraudulent misrepresentation count in riccard iii

Text: 46 (ORDER 3) 47 Riccard's third lawsuit against Prudential included a claim that in connection with his first lawsuit against it Prudential had fraudulently misrepresented to him its NASD membership status, causing him to agree to arbitrate his claims in that first lawsuit, which he would not have done had he known the truth. The district court dismissed the claim after determining as a matter of law that Riccard could not establish that he detrimentally relied on Prudential's misrepresentation to him. Riccard argues that he can. 48 In view of our earlier decision that Riccard's claims were subject to mandatory arbitration notwithstanding the fact that Prudential dropped its membership in the NASD after the events giving rise to the dispute between it and Riccard occurred, it necessarily follows that Riccard cannot prove detrimental reliance on any misrepresentation that Prudential made to him about its membership status. Riccard suffered no detriment by voluntarily agreeing to arbitrate, because his claims were due to be sent to arbitration even if he had opposed it. 11 49