Reed
Reed v. Mutual Service Corp.
Opinion
Opinion
Boland, J.
Pivate investors petitioned the trial court to vacate an arbitration award after a panel of arbitrators concluded the investors’ claims against their securities brokers were not eligible for arbitration. The trial court denied that petition and granted the brokers’ counterpetition to confirm the award. We affirm.
Factual and Procedural Background
This is an appeal from a judgment granting a motion to confirm an arbitration award. The essential facts are undisputed. Beginning in 1990, appellants Peter and Lonnie Reed made several investments through securities accounts they maintained with respondent Mutual Service Corporation (MSC, formerly known as Tit an/Value Equities Group). The Reeds’ final investment was made in January 1991. At the time they opened their accounts, the Reeds each signed standard preprinted agreements stating he “agreefd] that any controversy between [him] and [MSC] arising out of or relating to [his] account, transactions with or for [him] or the agreement or the breach thereof shall be settled by arbitration in accordance with the rules, then obtaining, of the National Association of Securities Dealers, Inc.”