Sheppard v. Morgan Keegan & Co

In Sheppard v. Morgan Keegan & Co. (1990) 218 Cal.App.3d 61, the Court of Appeal considered the claim of a California stockbroker who was offered employment at a brokerage firm headquartered in Memphis, Tennessee. Approximately two weeks after the stockbroker accepted the employment offer, and before he started working, the stockbroker was informed that his position with the firm was terminated. In the intervening two weeks the stockbroker had resigned from his previous position in California, made two trips to Memphis, and leased an apartment in Memphis. (Id. at pp. 64-65.) The Court of Appeal reversed the trial court's grant of summary judgment in favor of the prospective employer, noting that the employer's conduct was governed by the doctrine of promissory estoppel. (Id. at p. 67.)