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STEPHENS v. REYNOLDS SECURITIES, INC.,

Civ. A. No. 75 L 0448 S.

413 F.Supp. 50 (1976)

Dorothy Canfield STEPHENS, as Executrix of the Estate of T. D. Stephens, Deceased, Plaintiff, v. REYNOLDS SECURITIES, INC., a corporation, Defendant.

United States District Court, N. D. Alabama, S. D.

January 20, 1976.

Attorney(s) appearing for the Case

Edward Still, Dawson, Crittenden & Still, and James L. Shores, Jr., Birmingham, Ala., for plaintiff.

N. Lee Cooper and George G. Lynn, Cabaniss, Johnston, Gardner, Dumas & O'Neal, Birmingham, Ala., for defendant.

LYNNE, District Judge.

FINDINGS OF FACT AND CONCLUSIONS OF LAW

Introduction

This case arises from plaintiff's dissatisfaction with the defendant Reynolds Securities, Inc.'s (Reynolds) method of disclosure of annual interest rates charged on margin accounts. A margin account is the securities industry's method of extending credit to customers; a customer may purchase a specified amount of stock from a securities firm by advancing only a portion...

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