A Florida federal court rejected Merrill Lynch's petition to vacate an arbitration decision on Monday, clearing the way for two financial advisors to receive a $10.25 million awarded to them in April.

"Upon a careful review of the record and the evidence presented by the parties, the Court finds no bases to overturn the arbitration panel's ruling and will therefore deny Merrill Lynch's petition and grant respondent's cross petition," the court said in its order denying the petition to vacate the arbitration award on Monday.

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