Legal Opinion
Asplund v. Selected Invs. in Fin. Equities, Inc.
California Court of Appeal
Decided December 11, 2000No. A089432PublishedCited by 16 opinions
1Opinion of the Court
Opinion
KLINE, P. J.
The chief question in this case is whether a broker-dealer of securities has a common law duty to supervise sales by its registered representatives of investments in which the broker-dealer has no economic interest to persons who are not customers of the broker-dealer. We hold that where, as here, the registered representative is not an employee of the broker-dealer, has no actual or apparent authority to sell the investment at issue, and the broker had no notice of and did not in any way benefit from the transaction, the broker-dealer has no such duty.
Facts and Proceedings…
2Cases cited37 opinions
- Central Bank of Denver, N. A. v. First Interstate Bank of Denver, N. A.Supreme Court of the United States · 1994
- Buss v. Superior CourtCalifornia Supreme Court · 1997
- Regina (Rega) Jablon v. Dean Witter & Co., and Sydney TurnerCourt of Appeals for the Ninth Circuit · 1980
- Reves v. Ernst & YoungSupreme Court of the United States · 1990
- Knight v. JewettCalifornia Supreme Court · 1992
32 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Lustgraaf v. BehrensCourt of Appeals for the Eighth Circuit · 2010
- Hodges v. Hertz Corp.District Court, N.D. California · 2018
- Thompson v. Sacramento City Unified School DistrictCalifornia Court of Appeal · 2003
- CSX Transportation, Inc. v. Recovery Express, Inc.District Court, D. Massachusetts · 2006
- McGraw v. Wachovia Securities, L.L.C. Ex Rel. A.G. Edwards, Inc.District Court, N.D. Iowa · 2010
11 more not listed; retrieve them via the Exa API.