Alpha Wealth Advisors v. Cook

983 N.W.2d 526, 313 Neb. 237
CourtNebraska Supreme Court
DecidedJanuary 13, 2023
DocketS-21-972
StatusPublished
Cited by4 cases

This text of 983 N.W.2d 526 (Alpha Wealth Advisors v. Cook) is published on Counsel Stack Legal Research, covering Nebraska Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Alpha Wealth Advisors v. Cook, 983 N.W.2d 526, 313 Neb. 237 (Neb. 2023).

Opinion

Nebraska Supreme Court Online Library www.nebraska.gov/apps-courts-epub/ 01/13/2023 09:10 AM CST

- 237 - Nebraska Supreme Court Advance Sheets 313 Nebraska Reports ALPHA WEALTH ADVISORS V. COOK Cite as 313 Neb. 237

Alpha Wealth Advisors, LLC, a Nebraska limited liability company, and Michael Hall, individually, appellants, v. Jenna L. Cook, appellee. ___ N.W.2d ___

Filed January 13, 2023. No. S-21-972.

1. Actions: Parties: Standing. Whether a party who commences an action has standing, and is therefore the real party in interest, presents a juris- dictional issue. 2. Judgments: Jurisdiction: Appeal and Error. When a jurisdictional question does not involve a factual dispute, determination of the issue is a matter of law which requires an appellate court to reach a conclusion independent from the trial court. 3. Directed Verdict: Appeal and Error. In reviewing a trial court’s rul- ing on a motion for directed verdict, an appellate court must treat the motion as an admission of the truth of all competent evidence submit- ted on behalf of the party against whom the motion is directed; such being the case, the party against whom the motion is directed is entitled to have every controverted fact resolved in its favor and to have the benefit of every inference which can reasonably be deduced from the evidence. 4. Jurisdiction: Appeal and Error. Before reaching the merits of the legal issue presented for review, an appellate court must determine whether it has jurisdiction over the matter before it. 5. Standing: Jurisdiction: Parties. Standing refers to whether a party had, at the commencement of the litigation, a personal stake in the out- come of the litigation that would warrant a court’s exercise of its subject matter jurisdiction and remedial powers on that party’s behalf. 6. Standing: Parties. To have standing, the plaintiff must have some legal or equitable right, title, or interest in the subject matter of the controversy. 7. ____: ____. A plaintiff does not generally have standing to bring a case on behalf of a third party. - 238 - Nebraska Supreme Court Advance Sheets 313 Nebraska Reports ALPHA WEALTH ADVISORS V. COOK Cite as 313 Neb. 237

8. Damages: Evidence. Evidence of damages must be sufficient to enable the trier of fact to estimate actual damages with a reasonable degree of certainty and exactness. 9. Damages: Proof. A claim for lost profits must be supported by some financial data which permit an estimate of the actual loss to be made with reasonable certitude and exactness. 10. Courts: Juries: Damages. While it is the jury’s duty to determine the amount of damages, it is the duty of the trial court to refrain from sub- mitting the issue of damages to the jury where the evidence is such that a jury could not determine the issue without indulging in speculation or conjecture. 11. Summary Judgment: Directed Verdict: Trial: Evidence. Evidence offered in summary judgment proceedings, but not offered at trial, can- not be considered in determining whether the evidence adduced at trial is sufficient to preclude a directed verdict. 12. Trial: Witnesses: Proof. In order to predicate error upon a ruling of the court’s refusing to permit a witness to testify, or to answer a specific question, the record must show an offer to prove the facts sought to be elicited.

Appeal from the District Court for Lancaster County: Susan I. Strong, Judge. Affirmed. Perry A. Pirsch, of Pirsch Legal Services, P.C., L.L.O., for appellants. Jane D. Hansen for appellee. Heavican, C.J., Miller-Lerman, Cassel, Stacy, Funke, Papik, and Freudenberg, JJ. Funke, J. INTRODUCTION Alpha Wealth Advisors, LLC (Alpha Wealth), and Michael Hall (collectively the appellants) appeal the decision of the district court for Lancaster County, Nebraska, which granted directed verdicts against them. After a traffic accident, the appellants sued Jenna L. Cook for negligence, alleging that they lost commissions because the injuries that Hall received in the accident kept him from meeting with clients for several - 239 - Nebraska Supreme Court Advance Sheets 313 Nebraska Reports ALPHA WEALTH ADVISORS V. COOK Cite as 313 Neb. 237

weeks. The district court found that there was insufficient evidence to submit those claims to a jury and granted Cook’s motion for a directed verdict against the appellants on those claims. Finding no error, we affirm. BACKGROUND Hall and Cook were involved in a traffic accident in Lincoln, Nebraska, in 2019. Cook admits that she was at fault. Hall is a registered investment advisor and a partner in Alpha Wealth. In suing Cook, the appellants sought damages because the soft tissue injuries that Hall received in the accident kept him from meeting with clients and potential clients for several weeks. The appellants alleged that Hall worked primarily with clients who have at least $500,000 to invest and that they received commissions of 1.18 percent or 5 percent on invest- ments, as well as an additional .5 percent on certain invest- ments in subsequent years. Accordingly, the appellants claimed that Hall’s inability to meet clients decreased his “earnings” in the second quarter of 2019 by nearly $33,000. They similarly claimed that Alpha Wealth “lost, conservatively, over $71,000 in gross compensation for 2019 and $19,000 each year going forward.” They sought damages for those losses and for Hall’s medical expenses and pain and suffering. A jury trial was held. The appellants presented testimony from Hall; Cassi Hillgren, operations manager for Alpha Wealth; David Rosenbaum, a forensic economist; and Robert Kallio, Hall’s chiropractor.

Hillgren’s Testimony Hillgren testified that she knew of at least three potential clients whom Hall was unable to meet after the accident. She stated that Hall typically met with 5 to 10 clients or potential clients per week, with “one or two out of ten” meetings result- ing in new business. She indicated that she was familiar with the appellants’ “gross revenue,” but was not asked to specify their revenue or their expenses. - 240 - Nebraska Supreme Court Advance Sheets 313 Nebraska Reports ALPHA WEALTH ADVISORS V. COOK Cite as 313 Neb. 237

Hillgren also testified that Hall’s productivity and com- missions dropped after the accident. She indicated that Alpha Wealth’s expenses “are taken out” of the commissions of Hall and another agent and that it was “really hard for [them]” after the accident “because of the income that . . . was no longer coming in.” She attributed that decrease in revenue to the accident. Hall’s Testimony Hall testified that he was unable to meet with three or four clients after the accident. According to Hall, over 90 percent of the people he meets with become clients. Hall explained that he and Alpha Wealth received a commission of between .5 and 3 percent on investments and, in certain cases, in subsequent years. He stated that those commissions were “gross revenue paid to Alpha Wealth” and that the company’s expenses “come out of this gross revenue.” He also testified that he is “by far” the “largest income producer for [his] firm.” When asked how the accident “impacted the [company’s] revenue stream,” Hall stated that it “basically cost [him] a full month of work . . . that amounts to $40,000 of revenue coming in, by me not being able to get out and see people.” On cross-examination, Hall testified that he “personally lost $32,000” after the accident and that “Alpha Wealth also lost income.” He initially stated that the company’s claim was “the same” as his, but later clarified that it was $71,000. He stated that his concern as to Alpha Wealth “is the future income from the people we would have got during that time . . . . The trails on all that business . . . over the next five to ten years . . .

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Bluebook (online)
983 N.W.2d 526, 313 Neb. 237, Counsel Stack Legal Research, https://law.counselstack.com/opinion/alpha-wealth-advisors-v-cook-neb-2023.