Mendez

J. Alexander Securities, Inc., appeals from the judgment entered against it following the trial court’s denial of a motion to correct an arbitration award that included punitive damages. We affirm the judgment.

Facts and Procedural History

In 1980, respondent Signe Mendez, an elderly widow, opened a securities account with appellant J. Alexander Securities, Inc., a brokerage firm in Los Angeles. Respondent executed an agreement regarding payment for securities purchased on her behalf, entitled “Cash Account Agreement.” The cash account agreement provided, inter alia, that, “[tjhis agreement and its enforcement shall be governed by the laws of the State of New York . . . ,” The cash account agreement also contained a clause providing for arbitration of “any dispute or controversy between [appellant and respondent] arising under any provision of the federal securities laws” and “all other disputes or controversies between us arising out of [appellant’s] business or this agreement.”

In 1991, a dispute arose in which respondent alleged that appellant and Andrew Weber, an account manager employed by appellant, had engaged in securities fraud, deceptive practices, account…