L. Goldberg

The plaintiff subcontractor brought a motion for summary judgment against the defendant contractor for unpaid invoices totaling $126,994.55 relating to a casino project.

The defendant argued the amount should be reduced by a $65,298.24 credit memo and claimed a right of set-off for damages allegedly caused by the plaintiff's abandonment of a separate, unrelated project.

The court granted partial summary judgment for $61,696.31, finding that the defendant's claim for equitable set-off failed because the two projects were entirely separate and not closely connected.

However, the court found that whether the credit memo remained operative was a genuine issue requiring a trial.

The plaintiffs sued their investment advisor and his firm for breach of contract, negligence, and breach of fiduciary duty arising from the handling of their investment accounts.

The court found that the advisor failed to comply with the 'know your client' rule, engaged in unsuitable short-term trading, and exercised unauthorized discretion, while the firm failed to properly supervise the accounts.

Although no fiduciary duty was owed to the more knowledgeable husband, fiduciary duties were owed to and breached regarding the wife and son.

The court rejected defenses of ratification and limitation periods (except for a late-added tax claim) due to the plaintiffs' lack of knowledge of the misconduct.

Damages were awarded for capital and opportunity losses, reduced by 30% for the plaintiffs' contributory negligence.