Scott v. First Union Securities, Inc.

OPINION OF THE COURT

Joseph C. Teresi, J.

Petitioner has commenced a special proceeding pursuant to article 75 of the CPLR seeking to stay arbitration before the *714New York Stock Exchange (hereinafter NYSE), on grounds that respondent First Union Securities, Inc. (hereinafter FUSI) has waived its right to arbitrate before the NYSE by commencing arbitration before the National Association of Securities Dealers (hereinafter NASD), and further that the Uniform Submission Agreement executed by respondent FUSI in the NASD arbitration modified and effectively terminated any contractual agreement to…