News & Analysis as of

Fiduciary Duty Special Relationship

Marshall Dennehey

Court Reiterated Prevailing Standard in Pennsylvania for Establishing Existence of ‘Special Relationship’ Between Insurance...

Marshall Dennehey on

Mohanan, et al. v. Liberty Mutual Personal Insurance Company, 2023 WL 8026106 (E.D. Pa. Nov. 20, 2023) - The court granted the defendant’s motion to dismiss to strike references to a “special relationship” owed to the...more

Hinshaw & Culbertson LLP

The LHD/ERISA Advisor: Failure to Plead "Special Relationship" Results in Dismissal of Breach of Fiduciary Duty Claim

In Tifer v. New York Life Ins. Co., 2019 U.S. Dist. LEXIS 119702 (N.D. Fla. July 18, 2019), a U.S. District Court for the Northern District of Florida dismissed a state law claim for breach of fiduciary duty against an...more

Winstead PC

Federal Court Dismisses An Employee’s Breach Of Fiduciary Duty Claim Against A Supervisor

Winstead PC on

In Budri v. FirstFleet, Inc., an employee sued his employer and supervisor for a number of causes of action, including a claim for breach of fiduciary duty. No. 3:19-CV-0409-N-BH, 2019 U.S. Dist. LEXIS 188251 (N.D. Tex....more

Carlton Fields

S.D.N.Y. Dismisses Insurer’s Claims Against Reinsurance Broker Under Economic Loss Doctrine, Finds No Special Relationship

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A New York federal court has dismissed a ceding insurer’s counterclaims against its reinsurance broker, finding the insurer’s claims for negligence and breach of fiduciary were barred by New York’s economic loss doctrine, and...more

Carlton Fields

Second Circuit Martoma Ruling, Affirming Tippee’s Conviction, Backtracks on Newman, and Adds Yet More Uncertainty to Ever-Evolving...

Carlton Fields on

Last week's dueling Second Circuit opinions in United States v. Martoma – Chief Judge Katzman’s 37-page majority opinion and Judge Pooler vigorous 44-page dissent – once again transformed insider trading law. In the aftermath...more

Patterson Belknap Webb & Tyler LLP

Newman’s “Meaningfully Close Personal Relationship” Requirement No Longer Good Law

A divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) on Wednesday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma. Confronting its precedent in United States v....more

Burr & Forman

Martoma: Second Circuit Abrogates Newman, Broadens Dirks

Burr & Forman on

A Second Circuit Panel held that the Supreme Court’s Salman decision abrogated the Circuit’s Newman requirement of a “close personal relationship” under the “gift theory” of insider-trading; the dissent claims the Panel...more

Proskauer - Corporate Defense and Disputes

Second Circuit Holds That Tipper/Tippee Liability Can Arise from a Gift of Inside Information Even Without a Close Personal...

The Second Circuit ruled today that a “meaningfully close personal relationship” is not required for insider-trading liability where a tipper discloses inside information as a gift or in exchange for some other type of...more

Patterson Belknap Webb & Tyler LLP

Divided Second Circuit Panel Upholds Martoma Conviction, Ruling that Newman’s “Meaningfully Close Personal Relationship”...

In a highly anticipated decision, a divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) yesterday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma, ruling that the...more

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