The New Jersey Supreme Court is poised to decide whether a bank can be held liable under the Consumer Fraud Act for an employee's failure to deliver on a promise to buy securities for a client. The case, Lee v. First Union National Bank , argued on Feb. 18, is being closely watched by the banking industry, since a pro-plaintiff ruling carries with it the prospect of treble damages and counsel fees.
February 19, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The New Jersey Supreme Court is poised to decide whether a bank can be held liable under the Consumer Fraud Act for an employee’s failure to deliver on a promise to buy securities for a client.
The case, Lee v. First Union National Bank, A-58-08, argued on Feb. 18, is being closely watched by the banking industry, since a pro-plaintiff ruling carries with it the prospect of treble damages and counsel fees.
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