Jeremias v. Shearson Hayden Stone, Inc.

Order of the Appellate Term of the Supreme Court, First Department, entered on October 30, 1978, in New York County, which affirmed a judgment of the Civil Court, in favor of the plaintiff-respondent, entered July 6, 1977, in New York County, unanimously reversed, on the law, and the complaint dismissed, with costs and disbursements. Plaintiff, a very experienced securities trader, placed a sell order on May 2, 1975 for 3,000 shares with defendant brokerage house. At the time of the sale, plaintiff did not own the stocks in question nor did he inform the defendant of that fact. The order to…