Difficulty Level – Hard
Emil Griffin is the plaintiff in a lawsuit involving Shuttel & Shuttel Securities and one of their account representatives, Rubin Boxall.
Mr. Griffin has never bothered to keep close track of his investments, preferring instead to leave the details up to his broker. Recently the opportunity arose for him to become a principal in a new technology company. Needing funding, Mr. Griffin decided to cash in his previous investments with Shuttel & Shuttel.
After having his accountant review the investment account, he was told that his investments had not earned as much as they should have over the years. The per annum rate of return was some 1.5% less than the amount that Mr. Griffin told him that it was. Because his initial investment was quite sizeable, Mr. Griffin’s accountant states that with compounding, the difference could be as much as $350,000.
When Mr. Griffin inquired at Shuttel & Shuttel they produced the following letter, which is now at the very heart of the lawsuit: