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Young v. Valt.X Holdings, Inc.

On appeal, the buyers argue that the trial court erred in enforcing the forum-selection clause and dismissing their claims. Specifically, the buyers argue that the clause does not apply to their claims, the anti-waiver provisions of federal and Texas securities laws prevent enforcement of the forum-selection clause, and the forum-selection clause is invalid because the contract involving the sale of the stock was tainted by fraud. The trial court did not abuse its discretion in dismissing the buyers' claims pursuant to the forum-selection clause, which stated that any suits concerning the sale of securities to buyers must be brought in the courts of Ontario, Canada. Austin Court of Appeals, No. 03-09-00482-CV, 10-18-2010

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OPINION

Following a securities transaction, James Young, Robert Worrall, and Shannon Gustafson (collectively, “Buyers”) sued Valt.X Holdings, Inc. (“Valt.X”), Dennis Meharchand, and Brian Groh (collectively, “Sellers”) based on numerous claims, including conspiracy, common law fraud, fraud in a stock transaction, negligence and gross negligence, violations of the Texas Deceptive Trade Practices Act (DTPA), breach of fiduciary duty, declaratory judgment, rescission and restitution, breach of contract, and violations of federal and Texas securities laws, including the Federal Securities Act of 1933, 15 U.S.C.A. § 77 (2009), the Federal Securities Exchange Act of 1934, 15 U.S.C.A. § 78 (2009), and the Texas Securities Act, Tex. Rev. Civ. Stat. Ann. art. 581 (Vernon 1964 & Supp. 2009). Buyers filed their petition in Travis County district court. Sellers filed a motion to dismiss, citing a forum-selection clause that stated that any suits concerning the sale of securities to Buyers must be brought in the courts of Ontario, Canada. The trial court granted the motion to dismiss. We affirm the judgment of the trial court.

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