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MATTER OF BRAUNSTEIN v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.

238 A.D.2d 242 (1997)

657 N.Y.S.2d 12

In the Matter of The Estate of David J. Braunstein, Deceased, et al., Respondents, v. Merrill Lynch, Pierce, Fenner & Smith, Incorporated, et al., Appellants

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

April 22, 1997

This class action, predicated on State common-law principles of breach of fiduciary duty and unjust enrichment, seeks an accounting and restitution of any benefit received by defendants from use of "free credit balances" belonging to the class members. "Free credit balances" are defined by regulation of the Securities and Exchange Commission (SEC) as "liabilities of a broker or dealer to customers which are subject to immediate...

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