Webb v. First of Michigan Corp.

Plaintiffs appeal as of right from a circuit court order granting defendant’s motion for summary disposition, apparently pursuant to MCR 2.116(0(10). We affirm.

This is a case of an investment gone bad. In July 1983, plaintiffs invested $40,000 from a lump-sum workers’ compensation benefits settlement in the Damson 1983-84 Oil and Gas Income Fund, a limited partnership, on the advice of Steven Malmquist, a broker at defendant, First of Michigan Corporation. Plaintiff Greg Webb testified in a deposition that he made the investment because of the representation that it was risk-free and would…