Jed Goldfarb v. David Solimine (083256)(Essex County & Statewide) (A-24-19; 083256)
The Securities Law does not bar plaintiff’s promissory estoppel claim for reliance damages. The Court affirms the liability judgment on that claim and the remand for a new damages trial in which plaintiff will have the opportunity to prove reliance damages. He is not entitled to benefit-of-the-bargain damages. To the extent that the Appellate Division relied on an alternative basis for its liability holding -- that a later-adopted federal law “family office” exception has been incorporated into our Securities Law -- the Court rejects that reasoning and voids that portion of the court’s analysis.
