Black v. Kidder, Peabody & Co.

EVANS, Justice.

This is an action for usury.

W. Dial Black, Jr. sued Kidder, Peabody & Co., Inc., a stock brokerage firm, alleging that without his knowledge or consent, Kidder had purchased his margin account from the brokerage firm of Clark, Dodge & Co., and had charged usurious interest against his account in the amount of $7,715.94. After a nonjury trial, the trial court entered a take-nothing judgment from which Black appeals.

In 2. ugust 1971 Black opened a margin account with Clark, Dodge & Co. after his stockbroker, Richard Bradley, joined that firm’s Houston office. Thereafter Black’s…