Opinion ID: 477852
Heading Depth: 2
Heading Rank: 4

Heading: Arbitrability of the Federal Claims

Text: 20 Finally, Letizia challenges the district court's determination that his federal securities claims were arbitrable. The arbitrability of a claim is a question of law, reviewed by this court de novo. Marchese v. Shearson Hayden Stone, Inc., 734 F.2d 414, 423 (9th Cir.1984). 21
22 The arbitrability of section 10(b) claims was the primary issue before this court in Conover v. Dean Witter Reynolds, Inc., 794 F.2d 520 (9th Cir.1986). In Conover, we held that claims under section 10(b) are not arbitrable. 794 F.2d at 522-27. We adhere to that recent decision; the district court erred when it ruled otherwise. 23
24 Because of the minimal differences between Sec. 17(a) of the 1933 Act and Sec. 10(b) of the 1934 Act, Stephenson v. Calpine Conifers II, Ltd., 652 F.2d 808, 815 (9th Cir.1981), we conclude that the Conover decision regarding the arbitrability of section 10(b) claims should also control the question concerning section 17(a) claims. Thus, we hold that claims under section 17(a) of the Securities Act of 1933 are not subject to arbitration.