McConnell v. Merrill Lynch, Pierce, Fenner & Smith, Inc.

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.

Docket No. L.A. 30795.

Supreme Court of California.

May 30, 1978.

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…