UTAH STATE UNIV., ETC. v. SUTRO & CO.

Nos. 16274-16279, 16285-16292 and 16294-16297.

646 P.2d 715 (1982)

UTAH STATE UNIVERSITY OF AGRICULTURE AND APPLIED SCIENCE, a Utah body politic and corporate, Plaintiff and Respondent, v. SUTRO & CO.; Bear Stearns & Co.; Hornblower & Weeks-Hemphill, Hoyes, Inc.; Merrill Lynch, Pierce, Fenner & Smith; Bosworth, Sullivan & Co.; and Shearson, Hammill & Co., Defendants, Third-Party Plaintiffs and Appellants, v. Phillip A. BULLEN, et al., Third-Party Defendants.

Supreme Court of Utah.

May 5, 1982.


Attorney(s) appearing for the Case

Harold G. Christensen, R. Brent Stephens, Dee V. Benson, Salt Lake City, for Bosworth.

Keith E. Taylor, Daniel M. Allred, Kathlene W. Lowe, Salt Lake City, for Sutro.

David L. Wilkinson, Atty. Gen., Salt Lake City, for USU, plaintiff and respondent.

Robert S. Campbell, Jr., H. Wayne Wadsworth, Michael F. Heyrend, Salt Lake City, John W. Morrison, David R. Melton, Chicago, Ill., Lyle W. Hillyard, Logan, Darwin Hansen, Bountiful, for third-party defendants.


CROCKETT, Retired Justice:

These actions were brought on behalf of Utah State University of Agriculture and Applied Science (herein referred to as USU) against the five named defendants, who are brokers and dealers in stocks and securities (herein referred to as the brokers), to recover losses sustained by USU as a result of a program of investments carried on through the brokers between September, 1970, and March, 1973. The brokers denied liability, filed counterclaims...

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