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Jones v. Ventura2/25/2005
This is an arbitration case. Edward D. Jones & Co., LP, and its agent, Robert Decker, appeal from the denial of their motion to compel Tranquilino Ryan Ventura to arbitrate his claims against them. Morgan Stanley Dean Witter & Co. and its agent, Hunter S. Bowen, appeal separately from the same order, in which the trial court denied their motion to compel Ventura to arbitrate his claims against them. We reverse.
Facts
When Ventura was 14 years old, he received more than $500,000 in cash as a result of a wrongful-death action filed after his father was killed. A trust estate, funded with those moneys, was established on Ventura's behalf. Ventura's mother, Patricia Dutton, applied for and, on December 23, 1996, was awarded letters of guardianship and conservatorship of this estate from the Probate Court of Marshall County. She was represented by attorney Billie B. Line, Jr. The probate court ordered Dutton to post a bond in an amount of $620,000 and, as set forth in the letters of guardianship and conservatorship, Dutton was authorized and directed to exercise " ll powers and duties conferred under Alabama Code [1975, ยง] 26-2A-152."
Dutton posted a $500,000 fiduciary bond issued by The Hartford Fire Insurance Company. Using funds from Ventura's trust estate, Dutton opened two brokerage accounts -- one with Edward D. Jones & Co., LP, and another with Morgan Stanley Dean Witter & Co. Robert Decker acted as the agent for Edward Jones and opened a "Daily Passport Cash Trust" account for Dutton, as "custodian" of the account. O. Daniel MacCartney, acting as the agent for Morgan Stanley opened an "active assets" investment account for Dutton; MacCartney later died and Hunter S. Bowen took over the management of the account.
When Ventura reached the age of majority, Ventura and Dutton filed notice with the Probate Court of Marshall County of a final settlement of the conservatorship of Ventura's trust estate. On July 22, 2002, the probate court issued an order of final settlement of the conservatorship. In December 2002, Ventura learned that the estate had no remaining liquid assets.
On January 23, 2003, on its own motion, the probate court set aside the July 22, 2002, final-settlement order, finding possible deficiencies in the conservatorship and possible deficiencies relating to the settlement of the conservatorship. Ventura then petitioned the probate court for a hearing. He asserted that he had signed the notice of settlement of the conservatorship in reliance on statements made by his mother's attorney that the assets of the estate would be turned over to him when he returned to Alabama from school in Chicago . He claimed that when he returned home from school in December 2002, however, he learned that the trust estate had no liquid assets. Ventura claimed that during the conservatorship neither Dutton nor anyone else had given him a report regarding the condition of the trust estate, and that he had been unable to obtain information regarding the manner in which the liquid assets of the trust estate had been depleted. He asserted a claim against the surety bond filed by Dutton with the court.
The probate court set the matter for a hearing in August 2003. All parties to the conservatorship -- Ventura, Dutton and her attorney, and Hartford, the surety -- were notified of the hearing. The probate court directed Dutton to produce all appropriate accounting materials relating to the trust estate and to call any witnesses necessary to testify regarding the assets and expenditures of the estate during her conservatorship. The probate court held the hearing as scheduled. Dutton and her accountant appeared at this hearing; Hartford did
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