Oscar L. Richard, Respondents v. Credit Suisse, Appellant

Summary

The New York Court of Appeals affirmed the lower court's judgment, holding that the defendants breached the foreign exchange contracts and that the plaintiffs are entitled to restitution rather than damages. The court rejected the defendants' reliance on a custom of inquiry and found that the plaintiffs' delayed rescission was not inequitable. A dissent argued that the facts left a genuine issue of rescission and should be tried.