In re the Arbitration between Sherman Fitzpatrick & Co. & David Lerner Associates, Inc.

— Order, Supreme Court, New York County (Burton S. Sherman, J.), entered March 11, 1991, which denied petitioner’s application to vacate, in part, an arbitration award, unanimously affirmed, without costs.

Petitioner unwittingly negotiated bonds stolen from respondent by one of its employees. In the arbitration demand by petitioner for reimbursement of its losses, the arbitrator denied petitioner’s claims, and directed that petitioner deliver to respondent all of the bonds for which respondent had made restitution to the owners. Petitioner now asserts that the arbitrator was without authority…