Please ensure Javascript is enabled for purposes of website accessibility
Home (page 4)

Tag Archives: Breach of Fiduciary Duty

Tort/Negligence – Breach of Fiduciary Duty – Civil Practice – Statute of Limitations – Trusts & Estates – Attempted Resignation (access required)

Wortman v. Hutaff Since there were no qualified trust beneficiaries at the time the defendants submitted their resignations as trustees and as executors of the settlor’s estate, defendants were required to obtain court approval before resigning. Plaintiffs allege that defendants were negligent and breached their fiduciary duty to plaintiffs when, after they ineffectively resigned, defendants failed to protect estate-owned property that might have eventually been transferred to the pour-over trust once the estate was settled. Because these acts and omissions occurred less than three years before plaintiffs filed their complaint, plaintiffs’ claims are not time-barred.

Read More »

Civil Practice – Statute of Limitations – Tort/Negligence – Breach of Fiduciary Duty – Constructive Fraud (access required)

Orr v. Calvert In his dissent, Judge Hunter disagreed that the 10-year statute of limitations had run against an unlicensed defendant who allegedly sold securities and obtained commissions from such sales. Judge Hunter also found that plaintiffs adequately alleged the placing of trust in defendant. For the reasons stated in the dissenting opinion, the Court of Appeals’ decision is reversed.

Read More »

Labor & Employment – Union Pension Plan – Breach of Fiduciary Duty – Damages & Fee Award Vacated (access required)

Plasterers’ Local Union No. 96 v. Pepper Although former trustees of a plasterers’ union pension plan breached their ERISA fiduciary duty by failing to investigate plan investment options and using only certificates of deposit and Treasury bills for a 10-year period, the district court erred in assessing damages against the former trustees without first determining whether the actual investments were imprudent, and the 4th Circuit vacates the judgment in favor of the current plan trustees.

Read More »

Tort/Negligence – Breach of Fiduciary Duty – Civil Practice – Preliminary Injunction – Competing School (access required)

Lake House Academy for Girls LLC v. Jennings The plaintiff-limited liability company has shown that it is likely to succeed on its claim of breach of fiduciary duty because, while she was a manager of the plaintiff-LLC, defendant arranged to found a school to compete with plaintiff. If defendant is allowed to open the competing school, plaintiff’s damages will be difficult to calculate. Upon the posting of a $100,000 bond, plaintiff is entitled to a preliminary injunction prohibiting defendant from opening her new school.

Read More »

Tort/Negligence – Civil Conspiracy – Breach of Fiduciary Duty – Limited Partnership Member – Tavern Lease – Preliminary Injunction (access required)

GoRhinoGo, LLC v. Lewis The plaintiff-limited partnership leases premises to operate its only asset: a tavern. Plaintiff has made a strong showing that one of its (now former) members conspired with its landlord to terminate its lease so the conspiring member could open his own bar at the same location. If the lease were terminated and transferred, plaintiff’s loss of profits and loss of good will would be difficult to prove. The landlord is preliminarily enjoined from terminating plaintiff’s lease upon plaintiff’s posting of a $45,000 bond.

Read More »

Corporate – Shareholder Derivative Suit – Tort/Negligence -Breach of Fiduciary Duty – Civil Practice – Statute of Limitations – Delaware Law (access required)

Curtis v. Barnet Since the corporation at issue in this shareholder derivative suit is a Delaware corporation, Delaware law controls. Delaware’s three-year statute of limitations on claims for breach of fiduciary duty begins to run at the moment of the wrongful act. In this case, at the very latest, the wrongful act occurred by the end of the second quarter of 2007; therefore, plaintiff’s Oct. 14, 2010 complaint was not timely filed. Defendants’ motion to dismiss is granted.

Read More »

Man must pay jilted fiancée $130K for reneging on engagement (access required)

A McDowell County jury has awarded $130,000 to a woman who was dumped by her fiancé in a breach-of-contract-to-marry claim, a common-law tort that is rarely seen today. The case involved a young woman who worked in her older boyfriend's convenience stores. He asked her to marry him, she accepted, and he told her that they would eventually sell the convenience stores and she would never have to worry about money, according to the plaintiff's attorney, Steven Kropelnicki Jr. (pictured) of Asheville.

Read More »

Attorneys – Tort/Negligence – Legal Malpractice Claim – Standard of Care – Ethics Professor – Professional Conduct Rules – Breach of Fiduciary Duty – Interference With Prospective Economic Advantage (access required)

Inland American Winston Hotels, Inc. v. Winston. An ethics professor who has no experience in commercial real estate and who has never been licensed to practice in North Carolina is not qualified to testify as to the standard of care applicable to the . . .

Read More »