Bonny v. Society of Lloyd's

3 F.3d 156 (1993)

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Bonny v. Society of Lloyd’s

United States Court of Appeals for the Seventh Circuit
3 F.3d 156 (1993)

Facts

The Society of Lloyd’s (Lloyd’s) (defendant), which was located in England, was a market somewhat similar to the New York Stock Exchange. Agents of Lloyd’s met with Kenneth Bonny, Francesca Bonny, and Robert Flevig (plaintiffs) in Illinois to discuss investing in Lloyd’s. The Bonnys and Flevig traveled to England and signed a contract entitled General Undertaking for Membership. The agreement contained forum-selection and choice-of-law clauses. Another agreement was signed, stating that all disputes would be arbitrated in England under English law. After suffering large losses, the Bonnys and Flevig sued Lloyd’s, alleging that Lloyd’s had failed to disclose material facts and risk factors as required by the Securities Act of 1933, 15 U.S.C. § 77a et seq., and the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq. The district court dismissed the claim based on the forum-selection and arbitration clauses that designated England as the forum for litigation. The plaintiffs appealed.

Rule of Law

Issue

Holding and Reasoning (Lay, J.)

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Securities Regulation