Drexel Burnham Lambert, Inc. v. Chapman

Beasley, Judge.

Defendant (“Drexel”) appeals from the grant of plaintiffs’ motions for summary judgment on the underlying claims and the denial of its motions for summary judgment on its counterclaims. The two cases are consolidated for purposes of appeal.

Plaintiffs Mr. and Mrs. Chapman had a brokerage account with Defendant Drexel for a number of years. On February 5, 8, 11 and 13, 1980, Drexel, upon Mr. Chapman’s request, sold a total of 3,663 shares of Multimedia stock. On February 11, 1980, upon Mrs. Chapman’s request, Drexel sold 792 shares of Multimedia stock. With the proceeds of these…