BEEZER, Circuit Judge: 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 su…
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