Smith v. Merrill Lynch Pierce Fenner & Smith

Plaintiffs appeal by leave granted from an order of the Saginaw Circuit Court dismissing their appeal from the district court for failure to file a brief. They also appeal from the order of the district court granting defendant’s motion for directed verdict.

Plaintiffs instituted this action to recover money loaned to Daniel Riley. Riley was an account executive (stockbroker) employed by defendant and assigned to plaintiffs’ account. Riley had handled plaintiffs’ account for almost two years when, in September, 1981, he contacted Ronald Smith and asked if plaintiff would loan him $5,000.…