Kinney v. Glenny

This is an action in equity brought by a customer against his brokers for the rescission of a contract of sale of stock. Plaintiff instructed defendants to buy 500 shares of stock at “ 35J or better.” Defendants at once purchased the specified stock of the issuing house which promptly confirmed the sale to the brokers at thirty-five and one-half “ less one point concession to you ” ($500), upon condition that the amount of the concession be paid back in case any of the stock so sold should be repurchased in the open market at or below thirty-five and one-half per share within sixty days.…