A summary of Southern California-related business litigation developments during the past week.
E. F. Hutton Wins Suit by Investor: A two-week trial against E. F. Hutton and two of its brokers ended with jurors refusing to award $300,000 plus punitive damages to retired businessman Irwin H. Goldenberg, who claimed he was defrauded. Goldenberg filed the case in U.S. District Court after the Westwood office allegedly made unauthorized investments of his IRA funds in naked options, which are not hedged by underlying securities or commodities, and not in covered options, as he said he expected. Jurors said after the verdict they believed that the market turned against Goldenberg, who could have cut his losses. (Filed Oct. 17, 1986. Case No. CV86-6750)