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Reno v. Bull
New York Court of Appeals
124 N.E. 144 (1919)
Bull and other directors (defendants) of the American Oriental Company fraudulently represented to Reno (plaintiff) that their company had the resources to ship oil to Asia, where it could be sold at great profit. Based on that representation, Reno bought company stock. In truth, the company did not have the necessary resources, and the stock was worth significantly less than the $5,000 Reno paid to acquire it. Reno sued, and the jury found that the directors had fraudulently deceived him. As the trial judge instructed, the jurors measured Reno’s damages by subtracting the stock’s true value from the value the stock was misrepresented as having and awarded Reno $6,000. The directors appealed to an intermediate appellate court, which affirmed the trial judgment. The directors appealed once again, to the New York Court of Appeals.
Rule of Law
Holding and Reasoning (McLaughlin, J.)
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