Sawyer v. Raymond, James & Associates, Inc., No. 79-3440
| Court | United States Courts of Appeals. United States Court of Appeals (5th Circuit) |
| Writing for the Court | Before TUTTLE, TJOFLAT and KRAVITCH; TJOFLAT |
| Citation | 642 F.2d 791 |
| Decision Date | 15 April 1981 |
| Docket Number | No. 79-3440 |
| Parties | Fed. Sec. L. Rep. P 97,953 Theodore D. SAWYER and Virginia L. Sawyer, Etc. et al., Plaintiffs-Appellees, v. RAYMOND, JAMES & ASSOCIATES, INC. et al., Defendants-Appellants. . Unit B |
Page 791
Plaintiffs-Appellees,
v.
RAYMOND, JAMES & ASSOCIATES, INC. et al., Defendants-Appellants.
Fifth Circuit.
Unit B
Guy M. Burns, St. Petersburg, Fla., for defendants-appellants.
Chad P. Pugatch, Fort Lauderdale, Fla., for Sawyers.
Lawrence D. Martin, Naples, Fla., for Sheperd.
Roger A. Bridges, Coral Gables, Fla., for plaintiffs-appellees.
Appeal from the United States District Court for the Southern District of Florida.
Before TUTTLE, TJOFLAT and KRAVITCH, Circuit Judges.
TJOFLAT, Circuit Judge:
Raymond, James & Associates, Inc. appeals an order of the district court denying its motion to stay proceedings and compel arbitration of the claims pending against it. We affirm the order of the district court.
Raymond, James & Associates, Inc. (Raymond, James) is a securities brokerage firm doing business in the state of Florida. In 1979, clients of the firm filed numerous separate actions against Raymond, James in
Page 792
the Southern District of Florida. These actions were consolidated, since they are substantially similar; all of them allege common violations of the federal securities laws, the rules and regulations of the New York Stock Exchange and the National Association of Securities Dealers, and the common law of fraud, fiduciary responsibility, and negligence. See Record, vol. 1 at 1-10, and vol. 3 at 1-7.The brokerage firm responded to these actions by filing a motion to stay the proceedings and compel arbitration of all or part of the claims. Record, vol. 3 at 15-17. This motion was based upon arbitration provisions in the Customer Agreements signed by each of the plaintiffs. These agreements took two forms; the respective arbitration provisions provide
14. Any controversy between us arising out of or relating to the contract or the breach thereof shall be settled by arbitration
Record, vol. 1 at 48.
14. The undersigned agrees, and by carrying an account for the undersigned you agree, that all controversies which may arise between us, concerning any transaction or the construction, performance or breach of this or any other agreement between us ... shall be determined by arbitration
Record, vol. 1 at 50.
The district court denied Raymond, James' motion to compel arbitration, ruling specifically that "the common law claims and the securities claims (are) insufficiently severable to compel arbitration." Record, vol. 3 at 119. This interlocutory appeal followed.
Raymond, James asserts that the district court erred both in denying arbitration of all the claims, and in refusing to sever the federal securities claims from the common law claims and order arbitration of the latter. We disagree with appellant on both grounds.
In Wilko v. Swan, 346 U.S. 427, 74 S.Ct. 182, 98 L.Ed. 168 (1953), the Supreme Court held that any agreement to arbitrate claims arising under the Securities Act of 1933 was invalid. With only a minor exception for international...
To continue reading
Request your trial
-
Torrence v. Murphy, Civ. A. No. J91-0105(W).
...were not arbitrable. See Wilko v. Swan, 346 U.S. 427, 74 S.Ct. 182, 98 L.Ed. 168 (1953); Sawyer v. Raymond, James & Associates, Inc., 642 F.2d 791 (5th Cir.1981). Defendants then point out that pursuant to this case law the Securities Exchange Commission in December 815 F. Supp. 970 of ......
-
Conover v. Dean Witter Reynolds, Inc., No. 85-6082
...432, 437 (2d Cir.), cert. denied, 432 U.S. 910, 97 S.Ct. 2959, 53 L.Ed.2d 1084 (1977); Sawyer v. Raymond, James & Associates, Inc., 642 F.2d 791, 792 (5th Cir.1981). See also Surman v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 733 F.2d 59, 61 (8th Cir.1984); Belke v. Merrill Lync......
-
Jacobson v. Merrill Lynch, Pierce, Fenner & Smith, Inc., Nos. 85-3311 and 85-3343
...520 (9th Cir.1986), McMahon v. Shearson/American Exp., Inc., 788 F.2d 94 (2d Cir.1986); Sawyer v. Raymond, James & Associates, Inc., 642 F.2d 791 (5th Cir.1981); Mansbach v. Prescott, Ball & Turben, 598 F.2d 1017, 1039 (6th Cir.1979); MLPF & S, Inc. v. Moore, 590 F.2d 823 (Dec. ......
-
Mayaja, Inc. v. Bodkin, No. 85-2762
...v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 785 F.2d 1274, 1275 n. 1 (5th Cir.1986); Sawyer v. Raymond, James & Assocs., Inc., 642 F.2d 791, 792 (5th Cir. Unit B 1981); Sibley v. Tandy Corp., 543 F.2d 540, 543 (5th Cir.1976), cert. denied, 434 U.S. 824, 98 S.Ct. 71, 54 L.Ed.2d 8......
-
Jacobson v. Merrill Lynch, Pierce, Fenner & Smith, Inc., s. 85-3311 and 85-3343
...F.2d 520 (9th Cir.1986), McMahon v. Shearson/American Exp., Inc., 788 F.2d 94 (2d Cir.1986); Sawyer v. Raymond, James & Associates, Inc., 642 F.2d 791 (5th Cir.1981); Mansbach v. Prescott, Ball & Turben, 598 F.2d 1017, 1039 (6th Cir.1979); MLPF & S, Inc. v. Moore, 590 F.2d 823 (Dec. 78); We......
-
Torrence v. Murphy, Civ. A. No. J91-0105(W).
...1933 were not arbitrable. See Wilko v. Swan, 346 U.S. 427, 74 S.Ct. 182, 98 L.Ed. 168 (1953); Sawyer v. Raymond, James & Associates, Inc., 642 F.2d 791 (5th Cir.1981). Defendants then point out that pursuant to this case law the Securities Exchange Commission in December 815 F. Supp. 970 of......
-
Conover v. Dean Witter Reynolds, Inc., 85-6082
...F.2d 432, 437 (2d Cir.), cert. denied, 432 U.S. 910, 97 S.Ct. 2959, 53 L.Ed.2d 1084 (1977); Sawyer v. Raymond, James & Associates, Inc., 642 F.2d 791, 792 (5th Cir.1981). See also Surman v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 733 F.2d 59, 61 (8th Cir.1984); Belke v. Merrill Lynch, ......
-
Mayaja, Inc. v. Bodkin, 85-2762
...Co. v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 785 F.2d 1274, 1275 n. 1 (5th Cir.1986); Sawyer v. Raymond, James & Assocs., Inc., 642 F.2d 791, 792 (5th Cir. Unit B 1981); Sibley v. Tandy Corp., 543 F.2d 540, 543 (5th Cir.1976), cert. denied, 434 U.S. 824, 98 S.Ct. 71, 54 L.Ed.2d 82 (1......