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DeRANCE, INC. v. PAINEWEBBER INC.

No. 86-2666.

872 F.2d 1312 (1989)

DeRANCE, INC., a Wisconsin not for profit corporation, Plaintiff-Appellee, v. PAINEWEBBER INCORPORATED, a Delaware corporation, and Paul Sarnoff, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided April 24, 1989.

As Amended on Denial of Rehearing and Rehearing June 19, 1989.

Attorney(s) appearing for the Case

Jerold S. Solovy, Jenner & Block, Chicago, Ill., for defendants-appellants.

Jerrold E. Salzman, Freeman & Salzman, P.C., Chicago, Ill., for plaintiff-appellee.

Before EASTERBROOK, RIPPLE, and MANION, Circuit Judges.

As Amended on Denial of Rehearing and Rehearing En Banc June 19, 1989.

MANION, Circuit Judge.

Plaintiff DeRance, Inc. (DeRance), a not-for-profit charitable foundation, contracted with PaineWebber Incorporated (PaineWebber) and its agent Paul Sarnoff to trade a gold futures account on its behalf. Gold dropped and so did the account. DeRance sued and a jury awarded DeRance $7.7 million in compensatory damages and assessed more than $20 million in punitive damages...

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