Patrick J. O'MALLEY and Leatha S. O'Malley, on behalf of themselves and all others similarly situated, Plaintiffs Below, Appellants,
v.
James R. BORIS, Stephen McConahey, Daniel D. Williams, Stanley Fallis, David Greene, Arthur McGivern, John Sullivan, Janet Reali, Thomas Reedy, Homer J. Livingston, Jr., William Daley, William Springer, William Esrey, C. Michael Viviano, Craig M. Black, Aldo Bonfiglio, Florence Z. Enders, R. Gerald Canning, Everen Capital Corporation, Inc., a Delaware corporation, Everen Securities Holding, Inc., a Delaware corporation, Everen Securities, Inc., a Delaware corporation, Everen Clearing Corporation, a Delaware corporation, Wheat First Butcher Singer, Inc., a Virginia corporation, Wheat First Securities, Inc., a Virginia corporation, Mentor Investment Group, Inc., a Virginia corporation, Mentor Distributors, Inc., a Virginia corporation, Mentor Investment Group, L.L.C., a Virginia Limited Liability Company, Cash Resource Trust, a Massachusetts Business Trust, Daniel J. Ludeman, Arnold H. Dreyfuss, Thomas F. Keller, Louis W. Moelchert, Jr., Stanley F. Pauley, Troy A. Peery, Jr., Peter J. Quinn, Jr., Paul F. Costello, Terry L. Perkins, Marshall B. Wishnack, Richard J. Rossi, Charles W. Grant, John G. Davenport, R. Preston Nuttall, Theodore Price and Allan F. Westcott, Defendants Below, Appellees.
Supreme Court of Delaware.https://leagle.com/images/logo.png
Submitted: September 8, 1999.
Decided: December 8, 1999.
Attorney(s) appearing for the Case
William Prickett, Ronald A. Brown, Jr., and Elizabeth A. Wilburn, of Prickett, Jones, Elliott & Kristol, Wilmington, Delaware; Arthur T. Susman (argued), Charles R. Watkins, and Robert J. Emanuel, of Susman & Watkins, Chicago, Illinois, for appellants.
Stephen E. Herrmann, of Richards, Layton & Finger, Wilmington, Delaware; A. Robert Pietrzak (argued), and Laurel J. Southworth, of Brown & Wood, LLP, New York City, for appellees Everen Capital Corporation, Everen Securities Holdings, Inc., Everen Securities, Inc., Everen Clearing Corp., and the Everen Director Defendants.
Kevin R. Shannon, and Brian C. Ralston, of Potter, Anderson & Corroon, LLP, Wilmington, Delaware; Paul Gonson (argued) and Stavroula Lambrakopoulos, of Kirkpatrick & Lockhart, LLP, Washington, DC, for appellees Wheat First Butcher Singer, Inc., Wheat First Securities, Inc., Mentor Investment Group, Inc., Mentor Investment Group, L.L.C., Mentor Distributors, Inc., Cash Resource Trust, Daniel J. Ludeman, Arnold H. Dreyfuss, Thomas F. Keller, Louis W. Moelchert, Jr., Allan F. Westcott, Stanley F. Pauley, Troy A. Peery, Jr., Peter J. Quinn, Jr., Paul F. Costello, Terry L. Perkins, Marshall B. Wishnack, Richard J. Rossi, Charles W. Grant, John G. Davenport, R. Preston Nuttall, and Theodore Price.
Before VEASEY, C.J., WALSH and BERGER, JJ.
Supreme Court of Delaware.
BERGER, Justice:
In this appeal we consider the adequacy of a brokerage firm's disclosures to its clients. Appellants claim that they were injured when the broker switched their money market "sweep" account to a new fund without fully disclosing that the firm was benefitting from the transfer. The Court of Chancery dismissed the Amended Complaint, finding that the prospectus and notification letter "strongly implied" the...
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