About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Case Citations Restatement, Third, Torts: Liability for Economic Harm [1] (April 2023 - August 2023)

handle is hein.ali/alitorts9924 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Spring 2023 Citations TORTS 3D: LIABILITY FOR ECONOMIC HARM CHAPTER 1. UNINTENTIONAL INFLICTION OF ECONOMIC LOSS § 1. Liability for the Unintentional Infliction of Economic Loss: General Principles S.D.Fla.2022. Subsec. (1) quot. in sup.; com. (b) cit. in sup.; com. (c)(2) and Rptr's Note (e) cit. and quot. in sup. In multidistrict litigation, retail investors sued registered securities clearing brokers, alleging that brokers' decision to restrict purchases of meme stocks on their electronic trading platform during a period of market volatility forced share prices of the stocks into a steep decline. This court granted brokers' motion to dismiss investors' claims for negligence and gross negligence, holding that investors did not adequately allege the existence of a tort duty under either California or Florida law. The court cited Restatement Third of Torts: Liability for Economic Harm § 1 in noting that, generally, parties had no duty to protect others against purely economic losses, and that the parties' contract permitted brokers to restrict investors' ability to trade securities. In re January 2021 Short Squeeze Trading Litigation, 584 F.Supp.3d 1161, 1181-1185, 1188. Cal.2022. Subsec. (1) quot. in sup. Borrower who used his home as collateral for two junior loans from bank filed a claim for negligence against bank after it sold the loans to a third party that foreclosed on borrower's home, alleging that bank breached a duty of care to process, review, and respond to his applications for loan modification, causing him to forgo alternatives to foreclosure. The trial court sustained bank's demurrer, finding that it owed borrower no such duty, and the court of appeals affirmed. Affirming, this court held that, because borrower's claim arose from the mortgage contract he had with bank, it fell within the ambit of the economic-loss doctrine. The court explained that, according to Restatement Third of Torts: Liability for Economic Harm § 1, an actor had no general duty to avoid the unintentional infliction of economic loss on another. Sheen v. Wells Fargo Bank, N.A., 505 P.3d 625, 632. § 3. Preclusion of Tort Liability Arising from Contract (Economic-Loss Rule) S.D.Fla.2022. Com. (a) cit. and quot. in sup.; Rptr's Notes (a) and (b) cit. in sup. In multidistrict litigation, retail investors sued registered securities clearing brokers, alleging that brokers' decision to restrict purchases of meme stocks on their electronic trading platform during a period of market volatility forced share prices of the stocks into a steep decline. This court granted brokers' motion to dismiss investors' claims for negligence and gross negligence, holding that investors did not adequately allege the existence of a tort duty under either California or Florida law. The court cited Restatement Third of Torts: Liability for Economic Harm § 3 in noting that, generally, parties had no duty to protect others against purely economic losses, and that the parties' contract permitted brokers to restrict COPYRIGHT C2023 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most