For Your Data Andrews V. Prudential Securities, Inc. Illustration Brief
August 11, 2020
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Andrews v. Prudential Securities, Inc. case brief summary
160 F.3d 304 (1998)
CASE FACTS
The brokerage trouble solid filed amended U-5 forms amongst the NASD inward reply to client complaints inward connective amongst express partnerships that were sold past times the brokers. At the fourth dimension of the filing, the brokers were no longer working for the firm, precisely NASD by-laws required the trouble solid to file the amended U-5 forms.
CLAIM
The brokers filed a electrical load alleging defamation, intentional infliction of emotional distress, in addition to gross negligence.
DISCUSSION
CONCLUSION
The courtroom affirmed the judgment of the district court.
Suggested Study Aids For Securities Regulation Law
Securities Regulation inward a Nutshell, tenth (Nutshell Series)
Securities Regulation: Examples & Explanations, fifth Edition
Securities Regulations: The Essentials
160 F.3d 304 (1998)
CASE SYNOPSIS
Plaintiff brokers challenged a judgment of the States District Court for the Eastern District of Michigan at Detroit, which granted summary judgment on behalf of accused brokerage firm. The brokers alleged that the brokerage trouble solid filed faux Uniform Termination Notice of Securities Industry Registration forms (U-5 forms) amongst the National Association of Securities Dealers (NASD).CASE FACTS
The brokerage trouble solid filed amended U-5 forms amongst the NASD inward reply to client complaints inward connective amongst express partnerships that were sold past times the brokers. At the fourth dimension of the filing, the brokers were no longer working for the firm, precisely NASD by-laws required the trouble solid to file the amended U-5 forms.
CLAIM
The brokers filed a electrical load alleging defamation, intentional infliction of emotional distress, in addition to gross negligence.
DISCUSSION
- The courtroom constitute that the truth contained inward the U-5 forms was a consummate defence to defamation: the brokers were the brokers of tape at the fourth dimension of the express partnership purchases, the amount of actual losses reported was accurate, the dollar amounts of the settlements had a factual basis, in addition to the claims, equally reported, resulted from the mailings of claim forms to investors who purchased express partnerships.
- The broker's claims for intentional infliction of emotional distress likewise failed, because the true publication of in addition to accurate representations of the clients' complaints could non constitute outrageous conduct.
- The courtroom affirmed in addition to concluded that the trouble solid did non breach whatever duty, if whatever were owed, to the brokers past times filing the forms.
CONCLUSION
The courtroom affirmed the judgment of the district court.
Suggested Study Aids For Securities Regulation Law
Securities Regulation inward a Nutshell, tenth (Nutshell Series)
Securities Regulation: Examples & Explanations, fifth Edition
Securities Regulations: The Essentials