The city of Chicago conceded it had no basis under the Federal Arbitration Act (FAA) for objecting to Chicago Loop Parking (CLP) LLC’s motion to confirm a $58 million arbitration award. But the city tried to slash the award by $40 million through a clever maneuver that included a post-arbitration contract with a third-party and a request for post-judgment relief under Sections 2-1203 and 2-1401 of the Illinois Code of Civil Procedure. The parking firm paid $563 million for a 99-year lease on the underground …