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SCHWARZ v. BEAR STEARNS COMPANIES, INC.

266 A.D.2d 133 (1999)

698 N.Y.S.2d 855

RICHARD SCHWARZ, Appellant, v. BEAR STEARNS COMPANIES, INC., et al., Respondents.

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

Decided November 30, 1999.

The IAS Court properly dismissed plaintiff's cause of action under General Business Law § 349, since the securities transactions at issue are outside the scope of the statute (see, Smith v Triad Mfg. Group, 255 A.D.2d 962, 964). In any event, defendants, as clearing brokers, had no duty to disclose to the introducing broker's clients, and thus the statutory cause of action, as well as the negligence claim, was properly dismissed...

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