Legal Opinion
Schwarz v. Bear Stearns Co.
Appellate Division of the Supreme Court of the State of New York
Decided November 30, 1999PublishedCited by 7 opinions
1Opinion of the Court
—Order, Supreme Court, New York County (Charles Ramos, J.), entered August 27, 1998, which granted defendants’ motion to dismiss the complaint, unanimously affirmed, with costs.
The IAS Court properly dismissed plaintiffs cause of action under General Business Law § 349, since the securities transactions at issue are outside the scope of the statute (see, Smith v Triad Mfg. Group, 255 AD2d 962, 964). In any event, defendants, as clearing brokers, had no duty to disclose to the introducing broker’s clients, and thus the statutory cause of action, as well as the negligence claim, was properly…
2Cases cited2 opinions
- In Re Blech Securities LitigationDistrict Court, S.D. New York · 1996
- Smith v. Triad Manufacturing Group, Inc.Appellate Division of the Supreme Court of the State of New York · 1998
3Cited by7 opinions
- Bear, Stearns & Co., Inc., Bear, Stearns Securities Corp., and Richard Harriton v. 1109580 Ontario, Inc., Docket No. 04-3632-CvCourt of Appeals for the Second Circuit · 2005
- In Re Sterling Foster & Co., Inc., Securities Lit.District Court, E.D. New York · 2002
- Gray v. Seaboard Securities, Inc.Appellate Division of the Supreme Court of the State of New York · 2005
- Yang v. Morgan Stanley Dean WitterAppellate Division of the Supreme Court of the State of New York · 2001
- M & T Bank Corp. v. LaSalle Bank National Ass'nDistrict Court, W.D. New York · 2012
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