We recently reported on the U.S. Supreme Court’s decision in Stolt-Nielsen S.A. v. AnimalFeeds Int’l Corp., No. 08-1198 (U.S. Apr. 27, 2010), in which the Court held that the Federal Arbitration Act does not allow class arbitrations absent an agreement between the parties in their arbitration clauses. The Second Circuit recently grappled with Stolt-Nielsen in connection with a student loan agreement that contained a class action waiver. In Fensterstock v. Education Finance Partners, 2010 U.S. App. LEXIS 14172 (2d Cir. July 12, 2010), the panel held that the waiver was unconscionable under California law, but that plaintiff could not proceed with class arbitration because “excising” the waiver from the agreement “leaves the [agreement] silent as to the permissibility of class-based arbitration, and under Stolt-Nielsen we have no authority to order class-based arbitration.”