Pross v. Baird, Patrick & Co., Inc.

585 F. Supp. 1456 (1984)

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Pross v. Baird, Patrick & Co., Inc.

United States District Court for the Southern District of New York
585 F. Supp. 1456 (1984)

  • Written by Robert Cane, JD

Facts

Arnold Pross (plaintiff) had a nondiscretionary stock trading account with Baird, Patrick & Company, Incorporated (Baird) (defendant). A nondiscretionary account requires the account holder’s consent to make transactions. Pross alleged that Baird made trades for Pross’s account in the stock of Nitron, Incorporated without Pross’s consent and against his specific instructions. Pross also alleged that Baird failed to disclose that Baird was making a market in Nitron stock and that Baird benefited from the Nitron transactions. (If a party is making a market, the party is willing to buy and sell a specific security at quoted bid and ask prices.) However, Baird offered evidence that it had informed Pross contemporaneously with each purchase of Nitron stock and in two of Pross’s monthly statements that Baird was making a market in Nitron stock. Pross brought an action against Baird for violations of Securities and Exchange Commission (SEC) Rule 10b-5 based on Baird allegedly failing to disclose that it was making a market for Nitron stock. Baird filed a motion for summary judgment.

Rule of Law

Issue

Holding and Reasoning (Conner, J.)

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