Fed. Sec. L. Rep. P 95,706 Catholic Diocese of Brownsville, Texas v. A.G. Edwards & Sons, Inc.

ALVIN B. RUBIN, Circuit Judge:

An arbitration agreement executed in 1985 between a broker and its customer excluded from compulsory arbitration causes of action arising under the federal securities laws. The broker argues that the exclusionary clause was inserted under the compulsion of the Securities and Exchange Commission’s now-rescinded Rule 15c2-2, which prohibited brokers from entering into contracts with customers that purported to compel arbitration of claims under the securities laws, and, therefore, should not be read as creating a substantive right to litigate. Because we find that…