O'Connor v. R. F. Lafferty & Co., Inc.

965 F.2d 893 (1992)

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O'Connor v. R. F. Lafferty & Co., Inc.

United States Court of Appeals for the Tenth Circuit
965 F.2d 893 (1992)

Facts

Carol O’Connor (plaintiff) came into a large sum of money from her divorce in 1975. O’Connor invested this entire sum with R. F. Lafferty & Co., Inc. (Lafferty) (defendant). O’Connor entrusted Lafferty with this sum due to the fact that one of its employees, Roy Foulke, was a family friend and had handled her family’s money in the past. Foulke was aware that O’Connor was using the investment account as her income, and that without it, she would not be able to live on her own. After a decade handling O’Connor’s account, Foulke invested her money in an oil company, as well as a pharmaceutical company. Both investments lost a significant amount of money. O’Connor then brought suit against Lafferty, alleging that the investments made by Foulke were unsuitable given her investment objectives. The district court ruled in favor of Lafferty. O’Connor then appealed to the Tenth Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Brorby, J.)

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