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P1483 A clause in a brokerage account agreement requiring disputes to be resolved by binding arbitration pursuant to rules of the National Association of Securities Dealers was found to be procedurally unconscionable, because the broker failed to properly explain to the elderly clients what they were signing; because procedures of the National Association of Securities Dealers are fair on their face, it was not substantively unconscionable; since it was not both procedurally and substantively unconscionable, the arbitration agreement was enforceable.CitationBROWN v WELLS FARGO (Unconscionability) 168 CA4 938 [See: CCP 1280 etseq; CivC 1670.5; Moncharsh v Heily 3 C4 1; Armendariz v Foundation 24 C4 83, T/AT 9/00]
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