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Fraud Breach of Duty

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
Mayer Brown

UK Supreme Court Clarifies Basis of ‘Knowing Receipt’ Claims Arising From Breach of Fiduciary Duty

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"The law on 'knowing receipt' has perplexed judges and academics alike for several decades" – Lord Burrows (paragraph 99). In a decision with significant implications for claims involving fraud and breach of fiduciary duty...more

Conyers

BVI Commercial Court Dismisses Judgment Debtors’ Attempt to Set Aside US$97 Million Judgment

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In a recent decision of the BVI Commercial Court, the Honourable Mr Justice Wallbank dismissed an application by the Defendants in King Bun Limited & Ors v Lau Man Sang James & Ors to set aside a previous order granting...more

Morris James LLP

Court of Chancery Dismisses Aiding And Abetting Fraud Claim Against Corporate Officers And Directors On Grounds That A Corporation...

Morris James LLP on

Urvan v. AMMO, Inc., Consol. C.A. No. 2023-0470 PRW (Del. Ch. Feb. 27, 2024, corrected Mar. 14, 2024) - It is an axiom of Delaware law that a corporation acts through its human agents. This principle informs the causes of...more

Freiberger Haber LLP

Fraud Notes: Two Cases and The Examination of Scienter

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To state a cause of action for fraud, a plaintiff must allege “a material misrepresentation of a fact, knowledge of its falsity, an intent to induce reliance, justifiable reliance by the plaintiff and damages.” The...more

Carlton Fields

Can Government Use Criminal Fraud Statute to Get Around “Personal Benefit” Requirement for Insider Trading?

Carlton Fields on

The government prosecutes insider trading against insiders who convey material nonpublic information (“tippers”) and outsiders who acquire material nonpublic information (“tippees”) through two avenues: civil proceedings...more

Rosenberg Martin Greenberg LLP

Has the Appellate Court of Maryland Disrupted the Tax Sale Market?

Real property tax certificate sales provide a way for taxing authorities to collect delinquent taxes without having to foreclose on properties and take ownership. When the purchaser of the tax sale certificate obtains the...more

Gray Reed

A Breach of Fiduciary Duty in the Oil Patch

Gray Reed on

Antero Resources Corp. v. C & R Downhole Drilling, Inc. et al, proves again the extreme risk when one bites the hand that feeds him (shoutout to Greek poet Sappho, 600 BCE). Antero sued former employee Kawsak and his...more

Conyers

King Bun Limited and Others v. Lau Man Sang, James and Others - Claim No. BVIHC (COM) 2017/086

Conyers on

Nov 2023 In August 2021, the BVI Commercial Court handed down judgment on liability in favour of the Claimants against seven directors of Vanway for carrying out a fraud on the minority shareholders, in selling the assets of...more

Foley & Lardner LLP

Private Company Compliance: Investigations, Regulations, and Litigation

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We recently co-hosted an NACD “Private Company Compliance” webinar on the issues that directors of private companies should care about. In this episode, we focused on the increasing importance of supervising the...more

Freiberger Haber LLP

Amended Complaints, New Defendants and the Relation-Back Doctrine

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“A” brings an action against “B”. The causes of action asserted against “B” are all timely for statute of limitations purposes. Following discovery, “A” learns that “C” played a material role in the facts and...more

Vinson & Elkins LLP

The Delaware Chancery Court Finds That an Unfair Process Resulted in a Fair Price

Vinson & Elkins LLP on

Executive Summary- A recent Delaware Court of Chancery post-trial decision, In re Straight Path Communications, is another example of: • “fair price” immunizing “unfair process” in the “entire fairness” analysis, and - •...more

Littler

Ontario, Canada Appeal Court Upholds Refusal to Impose Constructive Trust Over Proceeds of Sale of Property Owned by Defrauding...

Littler on

A recent Ontario Court of Appeal (OCA) decision demonstrates the process an employer may be expected to undertake to recover employee-stolen funds when the proceeds of the fraud are traced to the assets of a “stranger to the...more

Winstead PC

Court Of Appeals Affirmed Findings Of Breach Of Fiduciary Duty Against Wife In Divorce Proceeding

Winstead PC on

In Banister v. Banister, the trial court found that a wife breached her fiduciary duty to the husband, committed fraud on the community estate, and wasted community assets. No. 03-21-00517-CV, 2023 Tex. App. LEXIS 4063 (Tex....more

Latham & Watkins LLP

UK Supreme Court Clarifies the Scope of the Quincecare Duty

Latham & Watkins LLP on

The Court held that banks do not owe this duty to customers deceived into instructing their banks to transfer money to fraudsters. On 12 July 2023, the UK Supreme Court handed down its highly anticipated judgment in...more

Patton Sullivan Brodehl LLP

“Equitable Buyout” as a Remedy for LLC Wrongdoing?

In the world of LLCs, buyouts — where one member sells his/her membership interest to another member or the LLC itself — are commonplace. Buyouts generally fall into one of two categories: contractual — where the...more

Winstead PC

Court Granted Mandamus Relief To Vacate A Temporary Restraining Order In A Fiduciary Case

Winstead PC on

In In re Sanchez, a plaintiff filed suit against a defendant for (1) conspiracy; (2) fraud and conspiracy to commit fraud; (3) aiding and abetting/conspiracy; (4) breach of fiduciary duty; and (5) Texas Theft Liability Act...more

Farrell Fritz, P.C.

Winter Case Notes: Punitive Damages Awarded for Breach of Fiduciary Duty and Other Recent Decisions of Interest

Farrell Fritz, P.C. on

Notwithstanding that the pictured snow globe is the only snow I’ve seen in my neck of the woods this balmy winter, I’m pleased to present my annual Winter Case Notes collection of recent court decisions of interest....more

King & Spalding

Fifth Circuit Finds That New Jersey’s Discovery Rule Applies If Identity of a Specific Defendant Was Not Known Until After the...

King & Spalding on

On December 15, 2022, the U.S. Court of Appeals for the Fifth Circuit reversed the pleading-stage dismissal, as time-barred, of a case against Bank of New York Mellon by defrauded investors in the Allen Stanford Ponzi scheme....more

Rivkin Radler LLP

The Title Reporter — Winter 2023

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Here is what we cover in this issue of The Title Reporter: A Legal Update for the Title Insurance Industry •A federal district court in New York granted summary judgment in favor of a title insurance company and its...more

Patterson Belknap Webb & Tyler LLP

Substantial Contribution: A New Decision from the Third Circuit

It’s often hard to persuade a bankruptcy court to grant a motion for substantial contribution. Any attorney thinking about making a motion should first ask herself two questions. First, has my work benefitted both my client...more

Proskauer - Minding Your Business

A New Gateway Opens – More English Court Options for Victims of Overseas Fraud

Recent rule changes allow claimants full access to key English law mechanisms to discover the identity of defendants and location of assets, even where the wrongdoers and third parties are not based in England. This is highly...more

Hendershot Cowart P.C.

Shareholder Actions: Direct Vs. Derivative Suits

Hendershot Cowart P.C. on

When it comes to protecting their interests – or the interests of the corporation – shareholders have unique rights to take legal action. They can file suit either on behalf of the corporation itself, known as a derivative...more

Wiley Rein LLP

Lawsuit Deemed Related to Notice of Circumstances Submitted During Prior Claims-Made Policy Period Under Florida’s “Sufficient...

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The United States District Court for the Western District of Louisiana, applying Florida law, has held that an investor’s lawsuit against an attorney related back to a notice of a potential claim submitted during the earlier...more

Dechert LLP

Dechert Cyber Bits - Issue 21

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US Federal Appellate Court Issues Opinion on Proof of Injury in Data Breach Cases - On September 2, 2022, the U.S. Court of Appeals for the Third Circuit reinstated a class action lawsuit that had previously been dismissed...more

Genova Burns LLC

Potential Harm Enough For Class Action to Proceed in Data Breach Litigation

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The Third Circuit Court of Appeals has given new life to a putative class action suit led by a former employee of a company that suffered a ransomware attack, leading to her sensitive information being released onto the Dark...more

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