PRICE v. DREXEL BURNHAM LAMBERT, INC.

No. 85-1524.

791 F.2d 1156 (1986)

Rayford PRICE and Barbara Ashley Price, Plaintiffs-Appellees, v. DREXEL BURNHAM LAMBERT, INC. and George Wilmot, Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

June 11, 1986.


Attorney(s) appearing for the Case

Edward S. Koppman, Patricia A. Nolan, Dallas, Tex., for defendants-appellants.

Robert F. Watson, Law, Snakard, Brown, H. Allen Pennington, Jr., Fort Worth, Tex., for plaintiffs-appellees.

Before GEE, RUBIN, and GARZA, Circuit Judges.


GARZA, Circuit Judge:

On November 22, 1982, Rayford Price and Barbara Ashley Price (the "Prices") established a brokerage account with Drexel, Burnham Lambert, Inc. ("Drexel").1 At that time they signed a Customer's Agreement that contained the following provision:

Sixteenth: Any controversy between you and the undersigned arising out of said account or relating to this contract or the breach thereof, shall be settled by...

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