Unidinial Mercantile Corp. v. Manufacturers' Hanover Trust Co.

District Court of Appeal of Florida

Unidinial Mercantile Corp. v. Manufacturers' Hanover Trust Co.

593 So. 2d 323, 1992 Fla. App. LEXIS 1360, 1992 WL 26471

District Court of Appeal of Florida·Decided February 18, 1992·No. No. 91-801·Published

Opinion

PER CURIAM.

Unidinial sued Manufacturers’ Hanover Trust for mismanaging its discretionary investment portfolio. Manufacturers’ Hanover was granted a summary judgment on its affirmative defense that Unidinial had ratified ■ actions of Manufacturers’ which violated the investment criteria established by the parties. •

We agree with Unidinial that, on the ratification defense, Manufacturers' failed to show the nonexistence of issues of material fact. John Sawyer’s Book Co. v. City Nat’l Bank of Miami, 542 So.2d 1009 (Fla. 3d DCA 1989). Specifically, there is a triable issue of fact whether Unidinial’s failure to timely disapprove of Manufacturers’ unauthorized transactions was caused by misrepresentations or material omissions of the defendant. See Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Cheng, 901 F.2d 1124 (D.C.Cir.1990).

Reversed and remanded.

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PER CURIAM.

Unidinial sued Manufacturers’ Hanover Trust for mismanaging its discretionary investment portfolio. Manufacturers’ Hanover was granted a summary judgment on its affirmative defense that Unidinial had ratified ■ actions of Manufacturers’ which violated the investment criteria established by the parties. •

We agree with Unidinial that, on the ratification defense, Manufacturers' failed to show the nonexistence of issues of material fact. John Sawyer’s Book Co. v. City Nat’l Bank of Miami, 542 So.2d 1009 (Fla. 3d DCA 1989). Specifically, there is a triable issue of fact whether Unidinial’s failure to timely disapprove of Manufacturers’ unauthorized transactions was caused by misrepresentations or material omissions of the defendant. See Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Cheng, 901 F.2d 1124 (D.C.Cir.1990).

Reversed and remanded.

Unidinial Mercantile Corp. v. Manufacturers' Hanover Trust Co., 593 So. 2d 323, 1992 Fla. App. LEXIS 1360, 1992 WL 26471 (Fla. Ct. App. 1992).

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