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United States Court of Appeals, Fourth Circuit
United States Court of Appeals, Fourth Circuit
2d 418
Unpublished Disposition
In August 1984 Hazel McNeill, Patrick McNeill, and Joe McNeill, North
Carolina residents, invested in commodity options with MultiVest, a registered
futures commission merchant located in Florida. Prior to investing with
MultiVest, the McNeills executed documents entitled "Customer Commodity
Option Account Agreement and Disclosure Statement Acknowledgement"
(Agreements), each of which included an unambiguous forum-selection clause.
The clause, printed in clear and legible type on the first page of each
Agreement, stated:
(Emphasis added.) Further, this clause followed an instruction at the top of the
form that stated in bold print, "This Agreement should be read in its entirety ...
before it is signed."
The McNeills lost their investment and closed their account with MultiVest in
December 1985. On November 30, 1987 they brought this action in the
Western District of North Carolina alleging state and federal claims arising
from their investment relationship with MultiVest. Defendants appeared and
moved to dismiss or transfer the case pursuant to the forum-selection clause
contained in the Agreements. Prior to ruling on this motion, the district court
stated that "[t]echnically, [MultiVest is] ahead on all the points," but then
denied the motion by order entered March 31, 1988 on the grounds that:
II.
A.
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B.
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The district court denied the motion to transfer solely on the basis of its
erroneous finding that the forum-selection clause was invalid. Since Stewart
was decided subsequent to the district court ruling, it is appropriate to remand
the matter for further consideration in light of that decision.
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