![]() The AAA assumed jurisdiction under the "AMEX Window." The AMEX Window is created by a provision in the AMEX Constitution that states "the customer may elect to arbitrate before the American Arbitration Association in the City of New York, unless the customer has expressly agreed, in writing, to submit only to the arbitration procedure of the. ![]() These claims were based on transactions as far back as the early 1980s. In April 1998, Critical Health instituted an arbitration proceeding against Smith Barney before the AAA alleging, inter alia, violations of industry rules, fraud, breach of fiduciary duty, negligence, and failure to supervise. The American Arbitration Association (AAA) is not mentioned in the arbitration agreement. The agreement mentions arbitration in accordance with the rules of three self-regulatory organizations (SROs), the National Association of Securities Dealers (NASD), the New York Stock Exchange (NYSE), and the American Stock Exchange (AMEX). shall be settled by arbitration, in accordance with the rules then in effect of the NASD, or the Boards of Directors of the NYSE or the American Stock Exchange, Inc., as I may elect. Any controversy arising out of or relating to any of my accounts. This agreement shall be governed by the laws of the State of New York without giving effect to the choice of law or conflict of laws provision thereof. In the early 1980s, Critical Health signed a client agreement that provided: This case concerns the interpretation of a choice of forum clause in an agreement between Critical Health and Shearson Lehman Hutton (Smith Barney is the successor to these accounts). " Because the parties have nowhere mentioned the AAA in their agreement, we hold that arbitration may proceed only before one of the specified fora. Smith Barney seeks to enjoin the AAA proceedings because a customer agreement between the parties provides that controversies shall be "settled by arbitration, in accordance with the rules then in effect of the. Chief Judge Wilkinson wrote the opinion, in which Judge Motz and Judge Spencer joined.Ĭritical Health initiated arbitration proceedings against Smith Barney before the American Arbitration Association (AAA). Reversed and remanded by published opinion. Spencer, United States District Judge for the Eastern District of Virginia, sitting by designation. Sarda, Wallace, Creech & Sarda, L.L.P., Raleigh, North Carolina, for Appellees.īefore Wilkinson, Chief Judge, Motz, Circuit Judge, and James R. Miller, Bedzow, Korn, Brown, Miller & Zemel, P.A., Aventura, Florida Peter J. Isley, Boyce & Isley, P.A., Raleigh, North Carolina, for Appellants. Baughan, Parker, Hudson, Rainer & Dobbs, Atlanta, Georgia Eugene Boyce, Philip R. ![]() Teri Louise DiGiulian, Bedzow, Korn, Brown, Miller & Zemel, P.A., Aventura, Florida, for Appellees. Russell, Parker, Hudson, Rainer & Dobbs, Atlanta, Georgia, for Appellants. He died on October 30, 1950.Appeal from the United States District Court for the Eastern District of North Carolina, at Raleigh. The couple resided on the Upper East Side of Manhattan and kept a house in Greenwich, Connecticut. Shearson married Flora Josephine Shea on November 14, 1903. Although initially Primerica had intended to brand its retail brokerage business as Smith Barney Shearson, the Shearson name was dropped. The Shearson name was finally abandoned in 1994 following Primerica's acquisition of Shearson from American Express. in 1974 and the combined firm was named Shearson Hayden Stone, retaining Shearson's name, which was widely recognized as a major underwriter and brokerage. Shearson, Hammill merged with Hayden, Stone & Co. Shearson was also an active member of New York society. with Caleb Wild Hammill in 1902, Shearson had served as comptroller of U.S. In 1890, Shearson returned to Chicago, where he eventually retired from railroad service and entered the steel industry in 1898. After a year, he was promoted to Auditor of Disbursements. ![]() There, he served as chief clerk of the Accounts Department of the Wisconsin Central Railroad. Shearson advanced through the company, occupying several positions, until he relocated to Milwaukee in 1887. Īt 19, he was an office boy for the Accounting Department of the Chicago and Northwestern Railroad. Shearson traveled West and took up farming and stock-raising for a brief time. At the age of 17, he left school to pursue work. Shearson was born in Galt, in Canada West on Augto William A. ![]() 1904), founder of Shearson, Hammill & Co.Įdward Shearson (AugOctober 30, 1950) was a banker, millionaire and founder of Shearson, Hammill & Co., which was among the largest brokerage and investment banking firms in the United States. ![]()
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