On April 11, 2023, the First Department issued a decision in Matter of Hurley v. EB Safe, LLC, 2023 NY Slip Op. 01864, holding that errors of law and fact are not within the scope of judicial review of an arbitral award, explaining:
The remainder of petitioners’ arguments are also unavailing, as they concern the propriety of the arbitration tribunal’s determination that, given the purchase price received for Fiduciary Network, petitioners had not proven the existence of damages. For example, petitioners challenge the opinion of the investment banker, engaged to conduct the sales process, that the winning bid constituted fair consideration, and they argue that the tribunal’s conclusion that the price was reasonable flies directly in the face of its own factual findings and record evidence to the contrary. Yet these arguments, which essentially posit that the tribunal made errors of law and fact, lie beyond the scope of judicial review on a motion to vacate.
(Internal quotations and citations omitted).