Financial Clearing & Services Corp. v. Katz

Orders, Supreme Court, New York County (Eve M. Preminger, J.), entered on September 20, 1990, which, inter alia, granted the petition in each case to confirm an arbitration award and denied respondents’ cross-petitions to vacate the awards, unanimously affirmed, with costs.

In 1985, Simon, Rose and Volvi Katz established accounts with petitioner, a clearing broker. Brown Knapp & Co. was the introducing broker. Respondents in the second action, Abraham Katz and Abraham Tusk, executed guarantees on these accounts. In October 1987, after the stock market crash, petitioner liquidated these…