Stark & Stark Shareholder Comments on New Jersey Supreme Court Ruling Concerning to the New Jersey Consumer Fraud Act

Posted on June 11, 2009 by Stark & Stark
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Thomas B. Lewis, Chair of Stark & Stark's Employment group, was quoted in the June 5, 2009 article on Law360.com entitled, Securities Sales Not Subject To Fraud Act: NJ Court. The article discuss the recent New Jersey Supreme Court ruling which states that a broker accused of failing to properly transfer funds for the purchase of securities and the firm that employed the broker can't be held liable under the New Jersey Consumer Fraud Act.

 

Mr. Lewis states that applying to the New Jersey Consumer Fraud Act to cases such as this could be harmful to banks and brokerage houses, as the ramifications of applying the statute to such sales could be mind-boggling because of the treble damages and court costs provisions. You can read the full article online

here

. (PDF)

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