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SALWEN CO. v. MERRILL LYNCH

72 A.D.2d 385 (1980)

Salwen Paper Company, Inc., Profit Sharing Retirement Trust, Appellant, v. Merrill Lynch, Pierce, Fenner & Smith, Inc. Respondent

Appellate Division of the Supreme Court of the State of New York, Second Department.

February 11, 1980

Attorney(s) appearing for the Case

Julien, Schlesinger & Finz, P. C. (David Jaroslawicz, Alfred S. Julien and Stuart A. Schlesinger of counsel), for appellant.

Brown, Wood, Ivey, Mitchell & Petty (E. Michael Bradley and A. Robert Pietrzak of counsel), for respondent.

MOLLEN, P. J., LAZER and O'CONNOR, JJ., concur.

HOPKINS, J.

The action is brought to recover damages for breach of fiduciary duty and negligent performance of that duty. The plaintiff is a corporation which formed a profit-sharing plan for its employees. The defendant is a securities broker to whom allegedly the funds of the plan were given for investment.

The defendant moved to dismiss the complaint, inter alia, on the ground that the action...

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