UFITEC, S.A. v. Carter

Opinion

CLARK, J.

Plaintiff UFITEC, S.A. (UFITEC), a Swiss banking corporation, appeals from judgment in favor of defendant William H. Carter in an action to recover under Carter’s agreement to absorb losses incurred in a security trading venture. We affirm the judgment.

Carter, a Los Angeles resident, was president of Kleiner Bell Realty Company, subsidiary of Kleiner Bell Company, Inc., a security brokerage firm, which as part of its business underwrote speculative new issues.

In Los Angeles 1968, UFITEC and Carter negotiated an oral agreement providing as the trial court found: “(a) UFITEC…