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FIN. CLEARING & SERVS. CORP. v. KATZ

172 A.D.2d 290 (1991)

Financial Clearing & Services Corp., Respondent, v. Simon Katz et al., Appellants Financial Clearing & Services Corp., Respondent, v. Abraham Katz et al., Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

April 16, 1991

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 accounts to cover margin deficiencies, leaving an aggregate debit balance of $179,000. Pursuant to arbitration clauses in the agreements, petitioner initiated...

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