Maloley v. Shearson Lehman Hutton, Inc.

From an order granting summary judgment to defendants, Shearson Lehman Hutton, Inc., and Danny Kay Davis, plaintiff, Lavonne Coash Maloley, appeals.

In October 1983, Maloley, a recent widow, had inherited a substantial estate of about $1.5 million from her deceased husband. Desiring financial advice concerning “conservative, secure investments which would produce future income, preserve her capital and result in beneficial tax consequences,” she engaged the services of E.F. Hutton Company Inc. and one of its account advisors, Davis. (In 1988, E.F. Hutton was acquired by defendant Shearson,…