⚖ Oral Arguments, with Context

The Ninth Circuit considers who can be required to arbitrate claims arising from the failed Crescent Dunes solar project in Nevada. CMB Group Nine and Group Eleven made separate project loans. A guaranty tied to Group Eleven's loan contained an arbitration clause; Group Nine's loan did not. The district court nevertheless sent claims involving both loans to arbitration. The tribunal dismissed five claims and awarded the project companies about 2.4 million dollars in fees. The dispute turns on equitable estoppel. A nonsignatory, someone who did not sign the arbitration agreement, may sometimes be bound when a lawsuit seeks direct benefits from that contract. The court also relied on the complaint's allegation that the defendants were alter egos, meaning separate legal entities alleged to operate as one. The investors say several claims have no signatory on either side. The project companies say those claims rely on Group Eleven's agreement and therefore carry its arbitration requirement.

CMB Infrastructure Investment Group IX v. Cobra Energy Investment Finance (No. 25-4430) — U.S. Court of Appeals for the Ninth Circuit, argued August 10, 2026.