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Self-Dealing Fiduciary Duty

Nelson Mullins Riley & Scarborough LLP

Practice Pointer: Reliance on Bankruptcy Court Appointed Examiner’s Report—Not so Fast

You represent the unsecured creditors committee in a complex Chapter 11 case, where you have reason to believe that the debtor’s officers and directors have, and continue to, engage in self-dealing and are breaching their...more

Payne & Fears

Partnership Betrayals: Breaches of Fiduciary Duty

Payne & Fears on

Part Three of a Series Payne & Fears’ Business Litigation Group helps businesses and their owners with wide-ranging disputes. In our practice, we’ve noticed that in disputes among business partners there are common issues...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Nestle on verge of winning most of their case

A U.S. District Court federal magistrate judge in the Eastern District of Wisconsin mostly sided with Nestlé USA Inc by recommending the dismissal. of a class action lawsuit alleging fiduciary negligence and self-dealing in...more

Farrell Fritz, P.C.

Never the Twain Shall Meet: Damages Claims Do Not Offset the Purchase Price in Buy-Sell Agreements

Farrell Fritz, P.C. on

Nestled between Broadway and Church Street in New York City’s hottest neighborhood is the landmarked, stone-façade building at 66-68 Reade Street.  Now marketed as the superluxury boutique condominium complex 66 Reade, the...more

Winstead PC

[Webinar] Financial Services - Litigating Self-Interested Transactions By Trustees - March 1st, 10:00 am - 11:00 am CT

Winstead PC on

This presentation will address the various issues that arise when a trustee enters into a self-interested transaction with the trust. Among other issues, it will address the duty of loyalty, the presumption of unfairness,...more

Freeman Law

Does an Executor Breach Their Fiduciary Duty By Failing to Disclose Facts to Beneficiaries?

Freeman Law on

A fiduciary’s failure to disclose material facts to beneficiaries may violate their fiduciary duties.  A recent Texas court’s decision outlines the fiduciary’s risks that come with the obligation to disclose....more

Nilan Johnson Lewis PA

Recommendations for Nonprofits After the Minnesota Attorney General Settlement for Self-Dealing

Nilan Johnson Lewis PA on

A nonprofit recently settled with the Minnesota Attorney General due to conflicts of interest and allegations of self-dealing. While it may be easy to dismiss the settlement as an example of a sham nonprofit obviously...more

Hogan Lovells

In re Tilray, Inc. Reorg. Litigation: DE court finds founding members to be control group - Corporate / M&A Decisions update...

Hogan Lovells on

In In re Tilray, Inc. Reorganization Litigation (C.A. No. 2020-137-KSJM (Del. Ch. June 1, 2021)), the minority shareholders of Tilray, Inc. alleged that the defendants breached their fiduciary duties by entering a...more

Goulston & Storrs PC

Probate & Fiduciary Litigation Newsletter - July 2021

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This newsletter is intended to keep readers informed about developments in probate and fiduciary litigation in Massachusetts and New York. ...more

Farrell Fritz, P.C.

Managing Members of Realty Holding LLCs Vanquish Self-Dealing Claims

Farrell Fritz, P.C. on

Managing members of manager-managed New York LLCs owe default fiduciary duties of loyalty and care to non-managing members. Those duties can be modified by the operating agreement....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Mutual of Omaha settles lawsuit

Mutual of Omaha Insurance Co. and its subsidiary United of Omaha has agreed to settle Mutual of Omaha’s 401(k) plan over allegations of self-dealing....more

Winstead PC

Court Addressed A Shareholder Derivative Suit Against Officers And Directors For Self-Interested Transactions, Misuse Of Company...

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In Roels v. Valkenaar, a shareholder filed a shareholder derivative suit against former and current officers and directors of the company based on multiple claims of breach of fiduciary duty. No. 03-19-00502-CV, 2020 Tex....more

Proskauer - Employee Benefits & Executive...

“Divane Intervention”: ERISA 401(k) Plan Investment Claims Dead On Arrival

A federal district court in Illinois recently dismissed “excessive fee” and “imprudent investment” claims against the plan fiduciaries of the CareerBuilder 401(k) plan fiduciaries, relying largely on the Seventh Circuit’s...more

Farrell Fritz, P.C.

The Common-Law Tort of Breach of Fiduciary Duty: The Total Package

Farrell Fritz, P.C. on

In the famous case of Meinhard v Salmon, Justice Benjamin Cardozo wrote in lofty language that lawyers of maltreated business owners have loved to quote ever since that the duty of loyalty among closely-held business owners...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

JP Morgan ponies up $9 million

A settlement has been in a lawsuit accusing fiduciaries of the JPMorgan Chase 401(k) Savings Plan of self-dealing. Records show that a settlement of $9 million will be made to “fully, finally and forever resolve, discharge...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Prudential is latest proprietary fund defendant

One of my favorite sayings is that you should never make yourself a target, but when you are a mutual fund company and you use your own proprietary funds as an investment option in your 401(k) plan, you are certainly a target...more

Farrell Fritz, P.C.

Summer Day Camp Derivative Headed to Trial

Farrell Fritz, P.C. on

A recent decision in Greenhaus v. Gersh out of the Commercial Division, Suffolk County, is yet another example.  This time, the business is a summer day camp located on the north shore of Long Island in Huntington, New York....more

Dechert LLP

Global Private Equity Newsletter - Spring/Summer 2019 Edition: Recent Developments in Acquisition Finance (Traps for Portfolio...

Dechert LLP on

A recent decision by the Superior Court of the State of Delaware highlights a risk of potential exposure to liability for individuals affiliated with private equity firms who are presumed to be covered by a directors’ and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

BB&T settles 401(k) lawsuit

With a planned merger with SunTrust, BB&T tied up a loose end by agreeing to a $24 million settlement on a class action lawsuit filed against them over their 401(k) plan....more

Winstead PC

Breach Of Fiduciary Duty Claim Against Trustee Based On Self-Dealing Real Estate Investment Was Dismissed Due To Limitations,...

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In Goughnour v. Patterson, a beneficiary sued a trustee based on a failed real estate investment. No. 12-17-00234-CV, 2019 Tex. App. LEXIS 1665 (Tex. App.—Tyler March 5, 2019, no pet. history). In 2007, the trustee of four...more

Winstead PC

Federal District Court Refuses To Dismiss Aiding And Abetting Breach Of Fiduciary Duty Claim Against A Law Firm

Winstead PC on

In Milligan v. Salamone, the Greenberg Taurig lawfirm represented the bankrupt company when it sued a president and board member. No. 1:18-CV-327-RP, 2019 U.S. Dist. LEXIS 41009 (W.D. Tex. March 14, 2019). Greenberg drafted...more

Farrell Fritz, P.C.

Fiduciary Self-Dealing

Farrell Fritz, P.C. on

One of the most fundamental duties of a fiduciary is the duty of loyalty. That is, every fiduciary must administer the estate or trust subject to his or her stewardship solely in the interests of the beneficiaries....more

Dechert LLP

Delaware Court of Chancery Rules Controlling Stockholder Gave Implied Consent to Personal Jurisdiction in Delaware on Basis of...

Dechert LLP on

In a decision with potentially far-reaching implications for private equity sponsors and other controlling stockholders, the Delaware Court of Chancery expanded the potential for liability for foreign-based controllers by...more

Winstead PC

When Temptation Trumps Restraint: Limits of the Protection of LLC Managers

Winstead PC on

...Temptation is powerful. We all know this well, which is why these quotes by author and bon vivant Oscar Wilde, and actress and legendary sex symbol Mae West evoke nods of agreement. But giving into temptation can result...more

Proskauer - Employee Benefits & Executive...

[Podcast]: Key Considerations for ERISA Plan Fiduciaries When Delegating Investment Authority

In this episode of The Proskauer Benefits Brief, partner Ira Bogner and senior counsel Adam Scoll discuss the key considerations for ERISA plan fiduciaries when delegating investment authority over plan assets. We will break...more

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