Stifel, Nicolaus & Co. v. Francis

SPINDEN, Judge.

This appeal involves a longstanding dispute between Stifel, Nicolaus and Company, a stock brokerage firm, and Donald B. Francis, trustee of the Letty J. Francis Trust, involving 3000 shares of PHP Healthcare Corporation stock. The stock was part of an account maintained by Stifel for the trust. Stifel sold the stock and kept the proceeds to satisfy the trust’s debt to Stifel.

The parties submitted their dispute for arbitration by the American Arbitration Association (AAA) which ruled for Francis. Stifel moved to vacate the award in circuit court according to § 435.405, RSMo…