Coutee

Barington Capital Group, L.P., Morton Gropper, Bruce Gropper, James Mitaro-tonda, Jerome Snyder, and John Telfer (collectively, “Barington”) appeal the district court’s order confirming the compensatory damages, punitive damages, interest, and fees portions of a National Association of Securities Dealers (NASD) arbitration award in favor of Herbert and Lorine Coutee. The Coutees cross-appeal the district court’s decision to vacate the attorney’s fee portion of the award.

We have jurisdiction pursuant to 28 U.S.C. § 1291 . We affirm in part, reverse in part, and remand with instructions to enter an order confirming the arbitration award in its entirety.

Facts

Herbert and Lorine Coutee are retired factory workers with second-grade educations. In December 1997, the Coutees’ grandson-in-law, Jason Wirtzer, arranged for Mr. Coutee’s Individual Retirement Account (IRA) to be transferred to Baring-ton Capital Group, L.P., an investment firm offering brokerage services. 1 Mr. *1132 Coutee signed a letter authorizing the account transfer and requesting that all communications related to the account be directed to Wirtzer. Mr. Coutee also signed a customer agreement, which…