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this dispute by failing to assert this defense for approximately four months,
during which time substantial discovery was conducted by both parties.
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4. The arbitrability of Salerno's state law claim, like his federal claim, results
from an arbitration clause in a U-4 registration form that he filed with the
National Association of Securities Dealers, and is accordingly governed by
federal law and implicates the identical waiver standard. See Williams v. Cigna
Financial Advisors, Inc., 56 F.3d 656, 659 (5th Cir.1995) ("[A] U-4
Registration is a contract involving the sale of securities and thus involves
commerce" and is subject to the FAA); Fletcher v. Kidder, Peabody & Co., 81
N.Y.2d 623, 630-31, 619 N.E.2d 998, 1001, 601 N.Y.S.2d 686, 689 ("[It] is
now well embedded in our case law ... that the enforceability of the arbitration
clause contained in [a] U-4 Form ... is governed by the FAA.... Thus, regardless
of what our own State's policies or case law might dictate in other
circumstances, we are bound by the policies embodied in the Federal statute
and the accompanying case law ...."), cert. denied, 114 S.Ct. 554 (1993).
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