Donald Press v. Quick & Reilly, Inc.

Brokers did not violate SEC Rules by failing to disclose fees received from money market funds selected by brokers for "automatic sweeps" of customer accounts; failures to disclose were not "material."

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The full case caption appears at the end of this opinion.

This opinion disposes of two separate appeals, each of which requires us to determine whether the defendants-appellees (the “broker-dealer defendants” or “defendants”) [FOOTNOTE 1]violated Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. �78j(b) (1994), and Rules 10b-5 and 10b-10 promulgated thereunder, 17 C.F.R. �240.10b-5, -10(1999), by failing to disclose their receipt of fees from money market funds and advisers for those funds that the defendants select for “automatic sweeps” of theircustomers’ accounts. For the reasons that follow, we affirm the district court’s judgments dismissing the complaints in both actions.

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Donald Press v. Quick & Reilly, Inc.

Brokers did not violate SEC Rules by failing to disclose fees received from money market funds selected by brokers for "automatic sweeps" of customer accounts; failures to disclose were not "material."

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