Frank v. Bear, Stearns & Co.

OPINION

NORMAN LEE, Justice.

Plaintiff investors filed suit charging defendant underwriters violated the Texas Securities Act, Tex.Rev.Civ. Stat. Ann. art. 581 — 33 (Vernon 1964 & Supp.1999) in their marketing of certain exotic securities. They also charged defendants negligently marketed securities and breached a contract to which they were third-party beneficiaries. The trial court granted summary judgment on their claims without specifying a ground, prompting the investors to appeal. We affirm the judgment of the trial court.

FACTS AND PROCEDURAL HISTORY

Appellants are individuals and small…