E.F. Hutton & Company, Inc. v. Rousseff
Florida Supreme Court
537 So. 2d 978 (1989)
- Written by David Bloom, JD
Facts
E.F. Hutton & Company, Inc. (Hutton) persuaded Rousseff (defendant) to buy shares of stock in an oil and gas company (Anadarko) based on Anadarko’s projection that Anadarko’s drilling venture would yield a large amount of natural gas. Hutton’s analysts projected that Anadarko’s drilling venture would produce less gas. Hutton told Rousseff about Anadarko’s higher projection but did not tell Rousseff about Hutton’s analysts’ lower projection. After the natural-gas production from the drilling venture fell short of Anadarko’s projection, Rousseff filed suit against Hutton in federal district court, alleging that Hutton violated federal and Florida state securities laws. The jury found in favor of Rousseff. Hutton appealed, arguing that the district court erred by failing to instruct the jury to decide whether Hutton’s securities fraud proximately caused Rousseff’s loss. The federal appeals court certified the question for appellate review by the Florida state appellate court.
Rule of Law
Issue
Holding and Reasoning (Shaw, J.)
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