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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46280 Justice Payne RESPONDENTS, VIRGINIA residents, filed for arbitration in Virginia of claims that petitioner brokerage negligently or fraudulently mishandled investments. Petitioner sought a stay of arbitration, arguing that bond purchases between July 18, 1994 and July 1, 1999 were time-barred. The parties’ customer agreement stated that it was to be governed by New York law. Dismissing respondents’ arbitral claims, the court stayed arbitration on default. Under Civil Practice Law and Rules �202, a cause of action accruing outside of New York must be timely under New York law and the jurisdiction where the claim accrued. Applying the two-year limitations period to Virginia’s Blue Sky Law �13.1-522, the court found that July 1, 2000 was the latest date to claim statutory violation as to the transactions at issue. The court also ruled that under �804 of the Sarbanes-Oxley Act of 2002, the limitations period for petitioner’s alleged violation of �10-b of the Securities Exchange Act of 1934 expired on July 1, 2003.

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