Texas Capital Securities, Incorporated v. J. D. Sandefer, III and Stephen F. Smith

Court of Appeals of Texas·Decided June 27, 2003·No. 06-02-00042-CV·Published

Opinion



In The

Court of Appeals

Sixth Appellate District of Texas at Texarkana



______________________________


No. 06-02-00042-CV
______________________________


TEXAS CAPITAL SECURITIES, INCORPORATED, ET AL., Appellants


V.


J. D. SANDEFER, III, AND STEPHEN F. SMITH, Appellees





On Appeal from the 280th Judicial District Court
Harris County, Texas
Trial Court No. 97-62171





Before Morriss, C.J., Ross and Cornelius,* JJ.
Opinion by Justice Cornelius


____________________________________

*William J. Cornelius, Chief Justice, Retired, Sitting by Assignment



O P I N I O N


Texas Capital Securities, Incorporated, et al., (hereafter Texas Capital), appeals the trial court's denial of its motion to deem a liability judgment satisfied. The issue presented is whether a joint tortfeasor is entitled to a credit for the amount of a postjudgment, bankruptcy court settlement between the plaintiff and a codefendant. Texas Capital asked the trial court to reduce the liability award against it by the amount of the bankruptcy settlement between the plaintiffs and one of Texas Capital's co-defendants in the underlying cause of action. The trial court refused.

We initially reversed the trial court's judgment and remanded the case for further proceedings. See Tex. Capital Sec., Inc. v. Sandefer, No. 06-02-00042-CV, 2003 Tex. App. LEXIS 2513 (Texarkana Mar. 26, 2003, no pet. h.). Texas Capital has filed a motion for rehearing in which it asks us to render judgment rather than remanding the case for further consideration by the trial court. We grant the motion for rehearing, withdraw our opinion dated March 26, 2003, and, for the reasons set forth below, we reverse the trial court's judgment and render judgment for Texas Capital as set out herein.

J. D. Sandefer, III, and Stephen F. Smith (collectively referred to as Sandefer) bought stock in Titan Resources, Inc., at the urging of Stephen Johnson, a stockbroker for Texas Capital. The price of the Titan stock eventually plummeted, and Sandefer sued Titan, Texas Capital, Johnson, and Butch Ballow (a stock promoter who worked with Johnson to sell the stock) for common-law and statutory fraud. Sandefer's petition alleged the defendants knowingly and recklessly made false and material representations intended to persuade Sandefer to buy the stock. Sandefer further alleged that the defendants violated the Texas Securities Act. Defendants Johnson and Titan settled out of the suit before trial. Tex. Capital Sec., Inc. v. Sandefer, 58 S.W.3d 760, 767-68 (Tex. App.-Houston [1st Dist.] 2001), modified by No. 01-99-01238-CV, 2001 Tex. App. LEXIS 5004 (Houston [1st Dist.] July 26, 2001, pet. denied) (op. on reh'g).

At trial, the jury ruled against the remaining defendants, finding Texas Capital and Ballow had defrauded Sandefer. Tex. Capital Sec., Inc. v. Sandefer, 58 S.W.3d at 768. The jury held all four defendants jointly and severally liable for the amount of Sandefer's stock purchases totaling $359,063.25. Id. The jury also found Texas Capital solely liable for $61,000.00 in attorney's fees and $77,287.01 in prejudgment interest. Additionally, Ballow was found solely liable for $8,000,000.00 in punitive damages, plus postjudgment interest. The First Court of Appeals affirmed the judgment on direct appeal. Id. at 780.

Almost two years after the securities fraud judgment, Ballow settled his obligations to Sandefer in federal bankruptcy court. In the settlement, Ballow agreed to (1) pay Sandefer's attorney's fees and legal costs, (2) make an initial $600,000.00 payment, and (3) issue a promissory note secured by real property deeds to be held in trust by the bankruptcy court for the remainder of the settlement amount. The bankruptcy settlement did not state whether the settlement represented payment for punitive damages or fulfillment of Ballow's joint obligations with Texas Capital.

Texas Capital subsequently filed a motion with the state trial court asking it to reduce Texas Capital's liability for the judgment by the amount of Ballow's bankruptcy settlement with Sandefer. The trial court denied the request; Texas Capital appealed. The Texas Supreme Court subsequently transferred the appeal of the matter to this Court. See Tex. Gov't Code Ann. §§ 73.001-.003 (Vernon 1998 & Supp. 2003).

A trial court's determination of the existence of, or the amount of, a settlement credit is reviewed for an abuse of discretion. Goose Creek Indep. Sch. Dist. v. Jarrar's Plumbing, Inc., 74 S.W.3d 486, 504 (Tex. App.-Texarkana 2002, pet. denied).

Sandefer argues that Chapter 33 of the Texas Civil Practice and Remedies Code controls, and under the applicable provisions of that chapter, Texas Capital is not entitled to a settlement credit because the settlement was effectuated after the charge was submitted to the jury. On the other hand, Texas Capital contends it should be discharged from its entire obligation based on the "one satisfaction rule."

First, Chapter 33 does not apply in this case. Section 33.002 sets forth the applicability, and it provides that Chapter 33 applies only to "any cause of action based on tort in which a defendant, settling person, or responsible third party is found responsible for a percentage of the harm for which relief is sought." Tex. Civ. Prac. & Rem. Code Ann. § 33.002(a) (Vernon Supp. 2003) (emphasis added). Texas Capital and Ballow were held jointly and severally liable; therefore, by its express terms, Chapter 33 is not applicable. (1)

Second, under the one satisfaction rule, the nonsettling defendant may only claim a credit based on the damages for which all tortfeasors are jointly liable. Crown Life Ins. Co. v. Casteel, 22 S.W.3d 378, 391 (Tex. 2000); Mobil Oil Corp. v. Ellender, 968 S.W.2d 917, 927-28 (Tex. 1998); Buccaneer Homes of Ala., Inc. v. Pelis, 43 S.W.3d 586, 589 (Tex. App.-Houston [1st Dist.] 2001, no pet.). The nonsettling defendant is entitled to offset any liability for joint and several damages by the amount of common damages paid by the settling defendant, but not for any amount of separate or punitive damages paid by the settling defendant. Crown Life Ins. Co. v. Casteel, 22 S.W.3d at 391-92. Before the trial court may award a settlement credit, however, the nonsettling defendant must prove the settlement credit amount. Mobil Oil Corp. v. Ellender, 968 S.W.2d at 927. To meet that burden, the nonsettling defendant may introduce the settlement agreement, or some other evidence, into the record showing the settlement amount. Id.

Free access — add to your briefcase to read the full text and ask questions with AI

Texas Capital Securities, Incorporated v. J. D. Sandefer, III and Stephen F. Smith, (Tex. Ct. App. 2003).

Texas Capital Securities, Incorporated v. J. D. Sandefer, III and Stephen F. Smith (Texas Capital Securities, Incorporated v. J. D. Sandefer, III and Stephen F. Smith) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Related

Strickland v. Washington
466 U.S. 668 (Supreme Court, 1984)
Hill v. Lockhart
474 U.S. 52 (Supreme Court, 1985)
Williams v. Taylor
529 U.S. 362 (Supreme Court, 2000)
Crown Life Insurance Company v. Casteel
22 S.W.3d 378 (Texas Supreme Court, 2000)
Buccaneer Homes of Alabama, Inc. v. Pelis
43 S.W.3d 586 (Court of Appeals of Texas, 2001)
Hart v. State
314 S.W.3d 37 (Court of Appeals of Texas, 2010)
Houston v. State
201 S.W.3d 212 (Court of Appeals of Texas, 2006)
Ex Parte Burns
601 S.W.2d 370 (Court of Criminal Appeals of Texas, 1980)
Smith v. State
17 S.W.3d 660 (Court of Criminal Appeals of Texas, 2000)
Mobil Oil Corp. v. Ellender
968 S.W.2d 917 (Texas Supreme Court, 1998)
Ex Parte Imoudu
284 S.W.3d 866 (Court of Criminal Appeals of Texas, 2009)
Martinez v. State
981 S.W.2d 195 (Court of Criminal Appeals of Texas, 1998)
Texas Capital Securities, Inc. v. Sandefer
58 S.W.3d 760 (Court of Appeals of Texas, 2001)
Oldham v. State
977 S.W.2d 354 (Court of Criminal Appeals of Texas, 1998)
Hudson v. State
128 S.W.3d 367 (Court of Appeals of Texas, 2004)
Bone v. State
77 S.W.3d 828 (Court of Criminal Appeals of Texas, 2002)
Ex Parte Briggs
187 S.W.3d 458 (Court of Criminal Appeals of Texas, 2005)
Thompson v. State
9 S.W.3d 808 (Court of Criminal Appeals of Texas, 1999)
Castillo v. State
186 S.W.3d 21 (Court of Appeals of Texas, 2006)