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FARON v. WADDELL & REED, INC.

No. 70027.

930 S.W.2d 508 (1996)

Victor E. FARON and Marjorie Faron as trustees for their respective trusts, Plaintiffs-Appellants, v. WADDELL & REED, INC., Defendants-Respondents.

Missouri Court of Appeals, Eastern District, Division Four.

October 8, 1996.

Attorney(s) appearing for the Case

Craig A. Sullivan, St. Louis, for Plaintiffs-Appellants.

Martin J. Toft and Mark A. Kinzie, St. Louis, and W. Perry Brandt, Kansas City, for Defendants-Respondents.

KAROHL, Judge.

Plaintiffs, Victor and Marjorie Faron, as trustees for their own inter vivos trusts, appeal summary judgment in favor of defendant, Waddell & Reed, Inc., securities broker. The court found that Victor Faron (Victor) failed to expressly request information about tax consequences when he asked advice on "costs" of a financing transaction. The Farons argue this finding does not provide a complete defense to Waddell & Reed and is unsupported by...

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