Kidder, Peabody & Co. v. Weiner

—Order, Supreme Court, New York County (Harold Tompkins, J.), entered September 3, 1998, which granted petitioners’ application for a permanent stay of the arbitration commenced by respondent, unanimously reversed, on the law, without costs, and the application denied.

Respondent owned and operated his own business for over 35 years. In preparation for his retirement, respondent invested approximately $200,000 in conservative, low-risk annuities which yielded a 7.75% annual return. Early in 1990, Robert Croland, an employee of Kidder, Peabody & Co., convinced respondent to liquidate his…