JACOBS, Circuit Judge: In 1987, respondents-appellees Joyce and Michael Bybyk opened an investment account with petitioner-appellant PaineWebber Incorporated. On March 14, 1990, the parties executed a client agreement which contained an arbitration clause. That clause (which had retrospective as well as prospective effect) provided for the arbitration of “any and all controversies which may arise” concerning the account. T…
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