Clark v. Bear Stearns & Co.

966 F.2d 1318 61 USLW 2032 , Fed. Sec. L. Rep. P 96,821 Isabel CLARK, Plaintiff-Appellee, v. BEAR STEARNS & CO., INC., a Delaware corporation; Morgan Olmstead, Kennedy & Gardner Incorporated, a California corporation; Gary Hankins, an individual; and Does 1 through 50, inclusive, Defendants-Appellants. No. 91-55263. United States Court of Appeals, Ninth Circuit. Argued and Submitted Feb. 7, 1992. Decided June 12, 1992. Stephen Young, Keesal, Young & Logan, Long Beach, Cal., for defendants-appellants. John Hiskamp, Duke, Gerstel, Shearer & Bregante, San Diego, Cal., for plaintiff-appellee. Appeal from the United States District Court for the Southern District of California. Before: ALARCON, BEEZER and RYMER, Circuit Judges. BEEZER, Circuit Judge: 1 An arbitration panel dismissed state negligence and fraud claims brought against Bear Stearns & Co., Inc., as part of Isabel Clark's securities action. The district court concluded that the dismissal did not have preclusive effect on Clark's federal claims under section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5. The court denied the defendants' motion for summary judgment.…