Fourth Circuit requires arbitration between NASD member and investors

In Washington Square Securities, Inc. v. Aune, the Fourth Circuit in an opinion by District Judge Flanagan of the E.D.N.C., joined by Chief Judge Wilkins and Judge Luttig, sided with the investors and held that their claims against a member of the NASD was bound by the arbitration provisions of the agreement between the investors and an "associated person" of the member company.