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Dispute Resolution Keyed to Carbonneau, 8th Ed.
Hardy v. Walsh Manning Securities
Citation:
341 F.3d 126 (2003)Facts
Warren Hardy, a British national, opened an investment account in 1997 with Walsh Manning Securities at its Long Island branch office. His account was handled by Barry Cassese, who recommended stocks and made trades on Hardy’s behalf. Hardy later claimed that Cassese, Skelly, and Walsh Manning misrepresented the financial health of certain companies and failed to disclose that these were “house stocks” in which Walsh Manning had an interest in selling. Before arbitration, Cassese settled with Hardy for $250,000 and agreed to testify at any subsequent arbitration hearing. After 25 days of testimony, the NASD arbitration panel issued an award stating that “Respondents Walsh Manning and Skelly be and hereby are jointly and severally liable for and shall pay to Claimant compensatory damages in the amount of $2,217,241.00 based upon the principles of respondeat superior.” The problem was that Skelly, though titled “Chief Executive Officer,” was actually an employee of Walsh Manning, not an officer, and under New York law, respondeat superior liability cannot be imposed on a fellow employee.
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