Lincoln Financial Advisors Corporation v. Bridgette Ards, Acting as Next Friend for Her Daughter, Gabrielle Ards

CourtCourt of Appeals of Texas
DecidedDecember 19, 2019
Docket03-18-00437-CV
StatusPublished

This text of Lincoln Financial Advisors Corporation v. Bridgette Ards, Acting as Next Friend for Her Daughter, Gabrielle Ards (Lincoln Financial Advisors Corporation v. Bridgette Ards, Acting as Next Friend for Her Daughter, Gabrielle Ards) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Lincoln Financial Advisors Corporation v. Bridgette Ards, Acting as Next Friend for Her Daughter, Gabrielle Ards, (Tex. Ct. App. 2019).

Opinion

TEXAS COURT OF APPEALS, THIRD DISTRICT, AT AUSTIN

NO. 03-18-00437-CV

Lincoln Financial Advisors Corporation, Appellant

v.

Bridgette Ards, acting as next friend of her daughter, Gabrielle Ards, Appellee

FROM THE PROBATE COURT NO. 1 OF TRAVIS COUNTY NO. C-1-PB-18-000269, HONORABLE GUY S. HERMAN, JUDGE PRESIDING

MEMORANDUM OPINION

In this interlocutory appeal, Lincoln Financial Advisors Corporation (LFA) appeals

from the probate court’s order denying LFA’s motion to compel arbitration. In the underlying

proceeding, Bridgette Ards, acting as next friend of her daughter, Gabrielle Ards, sued LFA; Brenda

Ards, who was the successor trustee of the Gabrielle Ards Trust; and Carl B. Ards, III, who was the

former trustee of the Gabrielle Ards Trust. Bridgette sought to hold Carl, Brenda, and LFA jointly

and severally liable for alleged misconduct that materially depleted the value of the trust estate.1 On

appeal, LFA contends that the probate court committed reversible error by denying its motion to

compel arbitration because Bridgette and Gabrielle, although not signatories, are bound by

1 Because many of the parties in the underlying proceeding have the same last name, we refer to them by their first names. Although they are parties in the underlying proceeding, Brenda and Carl are not parties to this interlocutory appeal. arbitration clauses in LFA’s account agreements with Carl and Brenda. For the reasons that follow,

we affirm the probate court’s order denying LFA’s motion to compel arbitration.

Background

Carl B. Ards, Jr. (Decedent) died on June 27, 2008. In his will, he created a trust;

designated his granddaughter Gabrielle, who is a minor, as the beneficiary of the trust; and his son

Carl served as the original trustee. Carl opened an investment account at LFA in the name of “Carl

B. Ards III, TTEE Gabrielle Ards Trust U/W 6/27/08.” Related to this account, Carl signed a

“Brokerage Basic Account Application” that bound him to the “Brokerage Basic Account Customer

Agreement.” In the application, he listed himself in his individual name as the account holder, did

not list any beneficiaries or other account holders, and crossed out information about Gabrielle that

he had handwritten in the section of the application tilted “additional account holders.”

The agreement between Carl and LFA contains the following relevant clauses

concerning arbitration:

Resolving Disputes—Arbitration

This agreement contains a pre-dispute arbitration clause. Under this clause, which becomes binding on all parties when you sign your account application, you, we, and NFS[2] agree as follows:

A. All parties to this agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed. . . .

2 In the “Brokerage Basic Account Agreement,” “NFS” stands for National Financial Services LLC, a NYSE member that provides custody and clearing services for LFA and its customers.

2 All controversies that may arise between you, us and NFS concerning any subject matter, issue or circumstance whatsoever (including, but not limited to, controversies concerning any account, order or transaction or the continuation, performance, interpretation or breach of this or any other agreement between you, us and NFS, whether entered into or arising before, on or after the date this account is opened) shall be determined by arbitration in accordance with the rules then prevailing of the Financial Industry Regulatory Authority (FINRA) or any securities self-regulatory organization or securities exchange of which the person, entity or entities against whom the claim is made is a member, as you may designate.

Brenda, the Decedent’s wife, subsequently replaced Carl as the trustee of the

Gabrielle Ards Trust, and on January 6, 2017, she signed a “Client Profile,” acknowledging the

pre-dispute arbitration clause. The Client Profile stated that it applied “to all accounts established

in conjunction with this Client Profile” at LFA and specified in relevant part:

(1) All parties to this agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.

...

It is agreed that any controversy arising out of or relating to the accounts established herewith, shall be submitted to arbitration in accordance with the rules adopted by the Financial Industry Regulatory Authority, Inc. Dispute Resolution Board.

In the Client Profile, Brenda listed herself in her individual name as the account holder and the name

of the account as “Gabrielle Ards Trust.”

In February 2018, Bridgette, acting as next friend of Gabrielle, sued Carl, Brenda, and

LFA, alleging in part that, “[t]hrough numerous breaches of fiduciary duty, self-dealing and

misapplication of fiduciary funds [Carl] materially depleted the value of the trust estate of the

Gabrielle Ards Trust”; LFA “had actual knowledge of Carl’s breaches of fiduciary duty, self dealing,

3 and misapplication of fiduciary funds”; and “[LFA was] therefore jointly and severally liable with

Carl.”3 Bridgette asserted that Gabrielle was the designated beneficiary of the trust and that

Bridgette was proceeding “derivatively on behalf of the trustee of the Gabrielle Ards Trust because

such trustee [Brenda] cannot sue herself.” Bridgette’s factual allegations included that: (i) “Carl

initially invested most, if not all, of the trust estate of the Gabrielle Ards Trust with [LFA] who knew

they were investing fiduciary funds because the account was titled ‘Carl B. Ards III, TTEE Gabrielle

Ards Trust U/W 6/27/08’”; (ii) “[LFA] knowingly participated in Carl’s breaches of fiduciary duty”;

and (iii) “[LFA] failed to insure that the fiduciary funds that it was administering were not being

improperly withdrawn.” Bridgette pleaded for “derivative damages” based on her “derivative

capacity on behalf of the trustee of the Gabrielle Ards Trust against defendants,” including “an

amount equal to all compensation taken by any Defendant for serving as trustee or investment

advisor of the Gabrielle Ards Trust since its inception” and “an amount equal to all profit made by

any Defendant through or arising out of the administration of the Gabrielle Ards Trust.”

LFA answered and filed a motion to compel arbitration under the Federal Arbitration

Act (FAA), contending that Bridgette was bound to arbitrate her claims based on the arbitration

clauses in LFA’s account agreements with Brenda and Carl. See 9 U.S.C. § 2 (addressing

agreements to arbitrate arising out of “transaction involving commerce”). Following a hearing, the

probate court denied the motion to compel and stayed the proceeding pending any interlocutory

appeal that LFA elected to file. This appeal followed. See Tex. Civ. Prac. & Rem. Code § 51.016

3 Bridgette, acting as next friend of Gabrielle, also sought to remove Brenda as the trustee, to compel an accounting by Brenda, to examine the books and records of the trust, and to recover attorney’s fees and costs.

4 (authorizing interlocutory appeal under same circumstances that appeal from federal district court’s

order would be permitted under FAA).

Analysis

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Lincoln Financial Advisors Corporation v. Bridgette Ards, Acting as Next Friend for Her Daughter, Gabrielle Ards, Counsel Stack Legal Research, https://law.counselstack.com/opinion/lincoln-financial-advisors-corporation-v-bridgette-ards-acting-as-next-texapp-2019.