Securities Sales Not Subject To Fraud Act: NJ Court

By Christie Smythe

Law360, New York (June 05, 2009, 12:00 AM ET) -- The New Jersey Supreme Court has ruled that a broker accused of failing to properly transfer funds for the purchase of securities and the firm that employed him — First Union Brokerage Services Inc., now part of Wells Fargo & Co. — can't be held liable under the state’s Consumer Fraud Act.

The state high court on Wednesday affirmed a lower court's decision that the plaintiff, Margaret L. Lee, can't pursue claims under the state law, which allows for the recovery of treble damages and court...
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