News & Analysis as of

Breach of Duty Motion for Summary Judgment

King & Spalding

Allegations Against Lender for Aiding and Abetting Ponzi Scheme Partially Survive the Lender’s Motion for Summary Judgment

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On March 23, 2023, the U.S. Bankruptcy Court for the Southern District of Florida partially denied summary judgment to Deutsche Bank on, among others, claims for aiding and abetting conversion and breach of fiduciary duty,...more

Patton Sullivan Brodehl LLP

Quasi-Judicial Immunity for Court-Appointed Partition Brokers

In California, several classes of persons are entitled to some form of immunity protecting them from liability for activities performed in connection with judicial proceedings. For example, “judicial immunity” bars civil...more

Proskauer - Employee Benefits & Executive...

Seventh Circuit Provides Hope for ERISA Plan Sponsors and Fiduciaries Defending Investment Fee & Performance Litigation

The Seventh Circuit recently provided a ray of sunshine in what has largely been a gloomy stretch for plan sponsors and fiduciaries defending ERISA breach of fiduciary duty claims based on allegedly excessive investment and...more

Nutter McClennen & Fish LLP

Massachusetts Court Rules Law Firm’s Breach of Fiduciary Duty Claim Survives Former Associate’s Motion for Summary Judgment

In Lubin & Meyer v. John J. Manning, Judge Salinger, sitting in the Business Litigation Session, ruled that Lubin & Meyer’s claims for breach of fiduciary duty against its former associate, John Manning, survived summary...more

Morris James LLP

Chancery Examines Cornerstone Standard for Establishing Non-Exculpated Fiduciary Duty Claims

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In Re BGC Partners, Inc. Derivative Litigation, Consol. C.A. No. 2018-0722-LWW (Del. Ch. Sep. 20, 2021) - A director protected by an exculpatory provision is entitled to dismissal in a breach of fiduciary duty action...more

Winstead PC

Court Holds That Purchaser Of Partnership Property Was Not Liable For Aiding And Abetting A General Partner’s Breach Of Fiduciary...

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In Cohen v. Newbiss Prop., a limited partner sued a transferee of real property for aiding and abetting breach of fiduciary duty and conspiracy to breach fiduciary duty. No. 01-19-00397-CV, 2020 Tex. App. LEXIS 9190 (Tex....more

Morris James LLP

Chancery Dismisses Defendants From Action Against Their Own Wishes, Describing the Matter as an “Erewhon-like” Inversion of the...

Morris James LLP on

Stimwave Technologies Inc. v. Laura Tyler Perryman, C.A. No. 2019-1003-SG (Del. Ch. Nov. 17, 2020) - Under Court of Chancery Rule 41(a), a Delaware plaintiff may voluntarily dismiss its own complaint without prejudice,...more

Dechert LLP

OnPoint: Federal Court Issues Trial Ruling in Section 36(b) Lawsuit: Great-West Advisory Fees Held Not a Breach of Fiduciary Duty

Dechert LLP on

The U.S. District Court for the District of Colorado on August 7, 2020 issued its post-trial findings of fact and conclusions of law in Obeslo v. Great-West Capital Management, LLC et al. The ruling comes at the tail end of a...more

Proskauer - Employee Benefits & Executive...

American Airlines 401(k) Plan Not Required To Offer Stable Value Fund

Among the many claims brought by plaintiffs challenging investment offerings in defined contribution plans is the claim that plans should offer stable value funds in lieu of more conservative capital preservation funds, such...more

Winstead PC

Federal Court Holds That Texas Does Not Have An Independent Aiding And Abetting Claim For Breach Of Fiduciary Duty But Holds That...

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In Taylor v. Rothstein Kass & Co., PLLC, a receiver for a failed business sued an accounting firm for various claims arising from the auditor’s issuance of a clean audit report concerning certain financial statements. No....more

Winstead PC

Court Holds That A Defendant Cannot File A No-Evidence Summary Judgment Based On A Self-Interested Transaction Due To The...

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In In re Estate of Klutts, a son held his mother’s power of attorney when he assisted in securing a new 2008 will, which enhanced his share of the estate. No. 02-18-00356-CV, 2019 Tex. App. LEXIS 11063 (Tex. App.—Fort Worth...more

Bass, Berry & Sims PLC

Chris Lazarini Examines Standards for Proving Breach of Fiduciary Duty

Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case in which a group of shareholders alleged the company and two individual defendants breached their fiduciary duties to shareholders, and an investment bank aided and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - September 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May and August 2019....more

Pillsbury - Policyholder Pulse blog

Delaware Court Adopts Pillsbury Theory that Shareholder Appraisal Actions Are Covered Securities Claims Under D&O Policies

Pillsbury secured an important victory for its client, Solera Holdings Inc., when Delaware Superior Court Judge Abigail LeGrow held—in a matter of first impression anywhere in the country—that a shareholder appraisal action...more

Morris James LLP

Officer and Director Entitled to Mandatory Indemnification Regardless of Circuitous Path to Victory

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Brown v. Rite Aid Corporation, C.A. No. 2017-0480-MTZ (Del. Ch. May 24, 2019). Even when an indemnitee takes a circuitous path to victory, the indemnitee is entitled to indemnification under 8 Del. C. § 145(c) for...more

Butler Snow LLP

Great Scott! The Sixth Circuit Revives Hoverboard Lawsuit

Butler Snow LLP on

The classic 1989 film Back to the Future II famously predicted that humans would be zipping around on hoverboards in the year 2015. The film wasn’t too far off. Hoverboards debuted in the 2000s and gained immense popularity...more

Morris James LLP

Court Of Chancery Resolves 2 Significant Indemnification Issues

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Creel v. Ecolab Inc., C.A. 12917-VCMR (October 31, 2018) - This decision resolves indemnification issues that regularly arise. First, when there are two possible indemnitors and one pays up, may the indemnitee still seek...more

Knobbe Martens

Federal Circuit Review - September 2018

Knobbe Martens on

Federal Circuit Finds Claims Issued from Reexamination Co-Pending with Appeal Ineligible Where the Changes Did Not Affect Section 101 Eligibility - In SAP AMERICA, Inc. v. InvestPic, LLC, Appeal No. 2017-2081, the...more

Farella Braun + Martel LLP

Ninth Circuit Affirms Carrier Had Duty to Defend Employment Class Action

Fewer and fewer companies in California have insurance coverage for “wage and hour” claims, i.e. claims for failure to pay overtime, failure to provide meal and rest periods, and failure to provide accurate itemized wage...more

Winstead PC

Court Finds That There Is A Fact Issue On Whether Corporate Shareholder And Officer Breached Fiduciary Duties To Creditors

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In Tow v. Wellington Yu, a bankruptcy trustee sued a corporation’s shareholder and officer for breaching fiduciary duties by entering into a settlement agreement that required the sale of real estate where the defendant would...more

Winstead PC

Court Reverses No-Evidence Summary Judgment On Fiduciary Duty Claim Because Motion Was Not Sufficiently Precise

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In Neurodiagnostic Tex, L.L.C. v. Pierce, the court reviewed a summary judgment entered regarding an employer’s breach of fiduciary duty claim. No. 12-14-00254-CV, 2016 Tex. App. LEXIS 11754 (Tex. App.—Tyler October 31, 2016,...more

Winstead PC

Court Reversed Summary Judgment For A Client As Against His Financial Advisor

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In Kang v. Song, Song sued Kang for fraud, violations of the Texas Securities Act, violations of Texas’s Deceptive Trade Practices Act (DTPA), breach of fiduciary duty, negligent misrepresentation, breach of contract, and...more

Manatt, Phelps & Phillips, LLP

Insurance Recovery Law - November 2015

Despite Prior Suits, Policyholder Entitled to Coverage for DOJ Investigation - Why it matters: A policyholder was entitled to coverage for a Department of Justice (DOJ) investigation despite already facing possibly...more

K&L Gates LLP

Seventh Circuit Affirms District Court on Remand in Jones v. Harris Associates

K&L Gates LLP on

In Jones v. Harris Associates L.P., the Supreme Court adopted the Gartenberg standard for cases brought under Section 36(b) of the Investment Company Act of 1940: “[T]o face liability... an investment adviser must charge a...more

Zelle  LLP

Graber v. State Farm is a Texas Prompt Payment Outlier

Zelle LLP on

For more than a decade, courts applying Texas law — including the Fifth Circuit, two federal district courts and several Texas courts of appeal — have uniformly held that an insurer’s full and timely payment of an appraisal...more

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