McCONNELL v. MERRILL LYNCH, PIERCE, FENNER & SMITH

Docket No. L.A. 30795.

21 Cal.3d 365 (1978)

578 P.2d 1375

146 Cal. Rptr. 371

JOHN A. McCONNELL et al., Plaintiffs and Appellants, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., Defendant and Appellant.

Supreme Court of California.

May 30, 1978.


Attorney(s) appearing for the Case

COUNSEL

Marcus Crahan, Jr., and Jack D. Scott for Plaintiffs and Appellants.

Macdonald, Halsted & Laybourne, Peter Brown Doland and Joel Mark for Defendant and Appellant.


OPINION

TOBRINER, J.

Plaintiffs filed a class action against defendant brokerage firm. They alleged, first, that defendant unlawfully charged compound interest on the debit balance in margin accounts without a clear written agreement authorizing the compounding of interest as required by section 2 of the Usury Law. Finding that defendant's customer's agreement complied with the requirements of section 2, the trial court sustained...

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