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ORMAN v. CHARLES SCHWAB & CO., INC.

No. 82697.

688 N.E.2d 620 (1997)

179 Ill.2d 282

227 Ill.Dec. 927

Robert ORMAN et al., Appellants, v. CHARLES SCHWAB & COMPANY, INC., et al., Appellees.

Supreme Court of Illinois.

November 20, 1997.

Attorney(s) appearing for the Case

William H. London, Much, Shelist, Freed, Denenberg, Ament, Bell & Rubenstein, P.C., Chicago, Daniel Harris, Chicago, Charles R. Watkins, Susman, Buehler & Watkins, Chicago, Francine J. Schwartz, Francine J. Schwartz, P.C., Arlington Heights, Terry Rose Saunders, Law Offices of Terry Rose Saunders, Chicago, for Robert Orman, Gordon Rubenstein, Leonard M. Bland.

Michael A. Pollard, Baker & McKenzie, Chicago, for Quick & Reilly, Inc., U.S. Clearing Corp.

Christopher Q. King, Sonnenschein Nath & Rosenthal, Chicago, for Charles Schwab & Co., Inc.

Norman J. Barry, Jr., Donohue Brown Mathewson & Smyth, Chicago, Thomas P. Fitzgerald, Olde Discount Corporation, Detroit, MI, for Olde Discount Corporation.

Fred B. Moore, Livingston, Barger, Brandt & Schroeder, Bloomington, for Securities Industry Association.

Justice HEIPLE delivered the opinion of the court:

At issue is whether Illinois breach of fiduciary duty and breach of contract claims arising out of a broker's retention of order flow payments are implicitly preempted because such claims would stand as an obstacle to the accomplishment and execution of the full purposes and objectives of Congress in enacting the Securities Exchange Act of 1934 (15 U.S.C. § 78a

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