Supreme Court properly determined that the two-member majority of the arbitral panel manifestly disregarded the applicable law, encompassed in Securities and Exchange Commission rule 15c3-1 (17 CFR 240.15c3-1), the minimum net capital rule, pursuant to which both parties were required to charge against their net capital the losses arising from their unwitting sale of invalid securities, which resulted in Auerbach's falling below its minimum net capital requirement and consequent...
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