United States Second Circuit

Insufficient evidence supported a finding that a broker undertook any role triggering a duty to volunteer advice and warnings between transactions to a nondiscretionary customer, or that the broker was negligent in performing those services it did provide.

Appellate Information

• Argued 01/07/2002
• Decided 09/19/2002
• Published 09/19/2002

Judges

• JACOBS, Circuit Judge., Before:  JACOBS, F.I. PARKER, SOTOMAYOR, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Louis R. Cohen, Washington, DC (Charles E. Davidow, Paul A. Engelmayer, Wilmer, Cutler & Pickering, Washington, DC;  Dennis J. Block, Jonathan D. Polkes, Cadwalader, Wickersham & Taft, New York, NY;  John L. Warden, Kenneth M. Raisler, Sullivan & Cromwell, New York, NY;  Bernard J. Rothbaum, Jr., Hartzog Conger Cason & Neville, Oklahoma City, OK, on the brief), for Appellants., Matthew D. Slater, Washington, DC (Giovanni P. Prezioso, Onnig H. Dombalagian, Petia Vretenarova, Cleary, Gottlieb, Steen & Hamilton, Washington, DC, on the brief), for The Bond Market Association, the Futures Industry Association, and the Foreign Exchange Committee, as amici curiae appearing on behalf of Appellant., Richard A. Rosen, New York, NY (Lara Shalov, Paul, Weiss, Rifkind, Wharton & Garrison, New York, NY, on the brief), for the Securities Industry Association, as amicus curiae appearing on behalf of Appellant., Daniel J. Roth, Executive Vice President and General Counsel, National Futures Association, Chicago, IL, for National Futures Association, as amicus curiae appearing on behalf of Appellant.


• For Appellees:
  
• Myron Kirschbaum, New York, NY (Paul J. Curran, Daniel L. Reisner, Andrew K. Solow, Kaye Scholer LLP, New York, NY, on the brief), for Appellee., David C. Vladeck, Washington, DC (Alan B. Morrison, Public Citizen Litigation Group, Washington, DC, on the brief), for Public Citizen, as amicus curiae appearing on behalf of Appellee.