From our private database of 14,000+ case briefs...
Stephenson v. Paine Webber Jackson & Curtis, Inc.
United States Court of Appeals for the Fifth Circuit
839 F.2d 1095 (1988)
Monroe Stephenson (plaintiff), an experienced investor, opened an account with Paine Webber Jackson & Curtis, Inc. (defendant) in 1979. During this time, Paine Webber’s employee, James Welch, handled Stephenson’s account. In October 1982, Stephenson learned that he owed $4,000 for a trade executed on his behalf. Stephenson informed Welch that this trade was not authorized, and Welch promised to correct the mistake. In December 1982, Stephenson received an account statement from Paine Webber for an account that he did not open. Had he done so, he would have realized that the mistake had not been corrected. Several more unauthorized trades occurred over the following months. Stephenson informed Welch of these mistakes, but never made them known to Paine Webber. Paine Webber was not informed about any of the unauthorized trades until September 1983. Stephenson then brought a suit against Paine Webber and Welch in connection with the trades. The district court ruled in favor of Paine Webber. Stephenson appealed to the Fifth Circuit Court of Appeals.
Rule of Law
Holding and Reasoning (Jones, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 201,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.