Brown v. Wells Fargo Bank, B196258
In an action to determine whether there was fraud in the execution of a brokerage account agreement, in particular the arbitration clause, denial of motion to compel arbitration is reversed and remanded where: 1) the court cannot treat the arbitration provision differently than other contract provisions; 2) the arbitration provision in the agreement was not unconscionable; and 3) the trial court must decide the plaintiffs' constructive fraud defense.
- Decided 11/25/2008
- Published 11/25/2008
- California Court of Appeal
- For Appellant:
- Munger, Tolles & Olson, George M. Garvey and Jeffrey Y. Wu, Los Angeles, for the Securities Industry and Financial Markets Association, the Chamber of Commerce of the United States of America, the American Bankers Association, the ABA Securities Association, the Clearing House Association and the Financial Services Roundtable as Amici Curiae, upon the request of the Court of Appeal., Reed Smith, James C. Martin, David C. Powell and Raymond A. Cardozo, San Francisco, for Amicus Curiae, upon the request of the Court of Appeal., Kreindler & Kreindler and Gretchen M. Nelson, Los Angeles, for Amicus Curiae, upon the request of the Court of Appeal.
- For Appellees:
- Kessal, Young & Logan, Neal S. Robb, Evelyn A. Christensen, Long Beach; Wells Fargo Bank, National Association and Thomas O. Jacob, San Francisco, for Defendants and Appellants., Courteau & Associates and Diana L. Courteau, El Segundo, for Plaintiff and Respondent.