The transcript of the argument can be found at the following link to the offical website of the United States Supreme Court:
http://www.supremecourtus.gov/oral_arguments/argument_transcripts/08-1198.pdf
The dispute concerns the arbitrator’s authority to determine in the face of silence in the arbitration agreement whether it can conduct a class arbitration. The appellate opinion was issued by the Second Circuit, and the arbitration fell under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, even though not discussed in those terms during the oral argument. The Supreme Court is considering, inter alia, whether an arbitrator exceeds its powers if it does require class arbitration under those circumstances. The underlying dispute arises out of a maritime contract and the Second Circuit found that the decision of the arbitrators did not constitute Second Circuit’s appreciation of manifest disregard of the law after the Hall Street decision.
More information on the case can be found at the SCOTUS Wiki blog at the following link:
http://www.scotuswiki.com