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News Detail
San Francisco Partners' Unanimous Defense Verdict Featured in Daily Journal
November 2009
The unanimous defense verdict San Francisco Partners Steve Wasserman, Mark Hancock and Kathy Hurly won on behalf of SunAmerica Securities Inc. was featured in the Daily Journal's "Verdicts and Settlements" section. Plaintiff, a 57-year-old former employee of SunAmerica Securities Inc., filed suit alleging that the defendant representative persuaded her to give up her monthly pension benefit and instead take a lump sum distribution to be invested by the representative and defendant broker dealer. She alleged the defendants breached fiduciary duties to her and that the broker failed to properly supervise the representative.
Sedgwick argued that there were compelling reasons why the plaintiff withdrew her funds from the pension plan, that the investments made were suitable, and that the plaintiff knew or should have known of the terms and risks of the investments she was making. The jury deliberated only three hours before returning unanimous verdicts to the effect the defendants had not breached any fiduciary duty to plaintiff, nor had the representative misrepresented or failed to disclose any material facts.
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