Stone v. E.F. Hutton & Co.

898 F.2d 1542 (1990)

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Stone v. E.F. Hutton & Co.

United States Court of Appeals for the Eleventh Circuit
898 F.2d 1542 (1990)

Facts

In April 1976, Stone (plaintiff) and E.F. Hutton & Company (Hutton) (defendant) entered a customer’s agreement, which contained an arbitration clause. The arbitration clause provided that “any controversy arising out of” Stone’s account with Hutton would be referred to arbitration according to the rules of the New York Stock Exchange or the National Association of Securities Dealers. In 1987, Stone filed a lawsuit against Hutton alleging violations of federal and Florida securities law and alleging claims of common-law fraud, negligence, and breach of fiduciary obligations. Hutton conducted two depositions with Stone in November 1987 and January 1988. In November 1988, the trial court set August 1, 1989, as the date for the completion of discovery and set the trial for September 1989. Hutton responded to a request for production of documents from Stone in January 1989. In June 1989, Hutton filed a motion asking the court to refer the matter to arbitration. Stone countered that Hutton waived its right to arbitration by conducting discovery as part of its trial preparation and by waiting almost two years to request the referral to arbitration. The Court of Appeals for the Eleventh Circuit reviewed Hutton’s motions pursuant to relevant caselaw permitting parties to file motions to compel arbitration under Section 10(b) of the Securities Exchange Act of 1983.

Rule of Law

Issue

Holding and Reasoning (Hodges, J.)

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