Faron v. Waddell & Reed, Inc.

KAROHL, Judge.

Plaintiffs, Victor and Marjorie Faron, as trustees for their own inter vivos trusts, appeal summary judgment in favor of defendant, Waddell & Reed, Inc., securities broker. The court found that Victor Faron (Victor) failed to expressly request information about tax consequences when he asked advice on “costs” of a financing transaction. The Farons argue this finding does not provide a complete defense to Waddell & Reed and is unsupported by available summary judgment facts. They also contend Waddell & Reed breached a duty to “advise the Far-ons of the possible risk of adverse…