U. S. MANGANESE CORP. v. MERRILL LYNCH, ETC.

No. 77-1805.

576 F.2d 153 (1978)

U. S. MANGANESE CORPORATION, Preston W. Grace, Preston W. Grace, Jr., and Charles B. Grace, Appellants, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., Appellee.

United States Court of Appeals, Eighth Circuit.

Decided May 24, 1978.


Attorney(s) appearing for the Case

Lester & Shults, Little Rock, Ark., for appellants.

George Pike, Jr., Little Rock, Ark. and Martin Portnoy, New York City, for appellee.

Before GIBSON, Chief Judge, VOGEL, Senior Circuit Judge, and BRIGHT, Circuit Judge.


VOGEL, Senior Circuit Judge.

Appellants brought this diversity action against appellee Merrill Lynch, Pierce, Fenner & Smith (hereinafter Merrill Lynch), seeking relief on the ground that certain margin account1 agreements entered into by the parties were usurious.

Merrill Lynch is a broker and dealer in securities, with its principal place of business in New York. On November 8, 1957, appellant Preston W. Grace, Sr., opened...

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