Cahn v. Foster & Marshall, Inc.

Plaintiff Dr. Herbert L. Cahn appeals a summary judgment favorable to defendant Foster & Marshall, Inc.

Cahn claims in July 1973 Charles Simenstad, an employee of defendant, orally advised that New York State Urban Development Corporation bonds (UDC bonds) were available at a favorable return and were guaranteed by the New York State Legislature. Simenstad also gave him a written description of UDC bonds, typed in the form of a wire transmission (Cahn deposition exhibit 1) which stated:

NEW YORK STATE URBAN DEVELOPMENT CORP

6.00 pct 11-1-2013 99.50

6.05 YIELD TO MAT 6.03 CURRENT YIELD

THE BOND IS…