Westlake v. Abrahams
United States District Court for the Northern District of Georgia
565 F. Supp. 1330 (1983)
- Written by Gonzalo Rodriguez, JD
Facts
Robert Westlake (plaintiff) purchased commodity-futures options from Lloyd, Carr & Co. (Lloyd) (defendant), a broker. Westlake brought suit seeking actual and punitive damages against Lloyd, alleging that Lloyd engaged in illegal acts and practices that caused Westlake financial losses. Westlake’s lawsuit also named as defendant Bushnell, Gage & Reizen (Gage) (defendant), Lloyd’s general counsel, under the theory that Gage was jointly and severally liable as a controlling person under the meaning of § 15 of the Securities Act, 15 U.S.C. § 77o. Gage moved for summary judgment as to the controlling-person claim, relying on testimony from Lloyd board members and employees stating that Gage’s substantive work for Lloyd was litigation focused. In response, Westlake argued that Gage’s litigation work was part of a strategy to allow Lloyd to continue engaging in illegal activities.
Rule of Law
Issue
Holding and Reasoning (Moye, C.J.)
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