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FIRST AMERICAN DISCOUNT CORP. v. JACOBS

No. 1-00-1585.

756 N.E.2d 273 (2001)

324 Ill. App.3d 997

258 Ill.Dec. 291

FIRST AMERICAN DISCOUNT CORPORATION, Plaintiff-Appellant, v. George JACOBS and Deena Jacobs, Defendants-Appellees.

Appellate Court of Illinois, First District, Second Division.

August 21, 2001.

Attorney(s) appearing for the Case

Patrick G. King, Jeffrey D. Barclay, Henderson & Lyman, Chicago, for Appellants.

Thomas F. Burke, Chicago, for Appellees.

Justice GORDON delivered the opinion of the court:

The central incident in this appeal is plaintiff-appellant First American Discount Corporation's (FADC) liquidation of defendants George and Deena Jacobs' trading account, allegedly without notice, on October 27, 1997. Defendants claimed that this liquidation constituted unauthorized trading, and the Cook County Circuit Court agreed, finding that FADC carried out unauthorized trading and thereby breached its fiduciary...

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