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Texas › Fiduciary Duty

Warner Norcross + Judd

Here We Go Again! Fiduciary Rule Effective Date Delayed

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Two U.S. District Courts in Texas issued stays on July 25, 2024, and July 26, 2024, respectively, delaying indefinitely the effective date of the final fiduciary regulations and related prohibited transaction exemptions...more

Hinshaw & Culbertson - Lawyers for the...

A Defense Win in Texas on the Issue of "But For" Proximate Causation in a Legal Malpractice Case

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Forshee v. Moulton, 2024 Tex. App. LEXIS 2520 (Houston [14th Dist.] April 11, 2024) - Brief Summary - The Texas Court of Appeals held that when a plaintiff's claim against her former attorney properly is grounded in...more

Mintz

Texas Court Rules ESG Lawsuit Against Employer's 401(k) Plan Can Proceed

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Recently, a Texas federal court denied the defendants' motion to dismiss in a lawsuit featuring allegations that an employer's 401(k) plan, which allegedly relied on ESG principles when making investments, violated ERISA. ...more

Winstead PC

Court Held That The TCPA Does Not Apply To Claim Involving Texas Trust Code Section 113.28 And Suits Against Third Parties

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In McCoy v. McCoy, trust beneficiaries sued the trustee for breaching his fiduciary duties by pursing claims against a third party when they instructed him not to do so. No. 08-23-00119-CV, 2023 Tex. App. LEXIS 6604 (Tex....more

Bradley Arant Boult Cummings LLP

Driving Between the Lines: As a Private Company Majority Owner, What Are the Rules for Dealing with Minority Business Partners

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The one who has the gold often makes all the rules, but the majority owner of a private company who has minority partners in the business does not have complete freedom, because majority owners owe duties that apply to their...more

Butler Snow LLP

Why Exercise is Important to a Healthy Legal Diet: Texas’s Discovery Rule will not save a party owed a fiduciary duty if it does...

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In Texas, the Discovery Rule defers accrual of a cause of action, and thus delays the running of the statute of limitations, until a party knows or, if exercising reasonable diligence, should have known about the facts that...more

Patterson Belknap Webb & Tyler LLP

Delaware Court Finds Texas’s Trust Fund Doctrine Lives, but Debtor’s Fiduciary Claims Dead on Arrival

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A Delaware bankruptcy court recently held that Texas’s “trust fund doctrine” remains applicable for companies that have not availed themselves of Texas’s formal dissolution process.  Nonetheless, fiduciary claims by a...more

Bradley Arant Boult Cummings LLP

The Minority Shareholder’s Arrows Are Still Sharp in the Quiver: Claims Available to Oppressed Minority Shareholders under Texas...

Bradley Arant Boult Cummings LLP on

The seven-year anniversary of the Texas Supreme Court’s decision in Ritchie v. Rupee has come and gone, and the court’s holding from 2014 remains the law: Minority shareholders in Texas private companies do not have a cause...more

Butler Snow LLP

Texas Supreme Court Clarifies Proper Service on Out-of-State Financial Institutions

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The Texas Estates Code requires an out-of-state fiduciary to appoint the Secretary of State as the fiduciary’s agent for service of process. The Texas Civil Practice and Remedies Code, however, states that an out-of-state...more

Freeman Law

Fiduciary Duties of the Board of Directors in Texas

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A corporation operates through its board of directors. All corporate powers must be exercised by or under the direction of the board. In Texas, the Texas Business Organizations Code (TBOC) provides certain provisions...more

Freeman Law

When a Texas Fiduciary Goes Into Business Owing a Duty

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It happens occasionally that business associations arise from existing relationships. Perhaps relatives create a family business. Friends open a store together. Neighbors come together to bring a new product or service to...more

Wiley Rein LLP

Fifth Circuit: No Fiduciary Liability Coverage for Claim Against Third-Party ESOP Trustee

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The United States Court of Appeals for the Fifth Circuit recently upheld an insurer’s denial of fiduciary liability coverage for claims brought against a third party appointed by the insured to manage its employee stock...more

Jackson Walker

New Texas Business Organizations Code Legislation for 2021

Jackson Walker on

Several key bills amending the Texas Business Organizations Code (TBOC) and Texas Business & Commerce Code (TBCC) were passed in the 87th Texas Legislature, Regular Session (the “2021 Legislative Session”), which convened on...more

Winstead PC

Navigating Safe Harbors: Review of the Protections Provided to Governing Persons by the Texas Interested Party Statute and the...

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Under Texas law, when the owners of closely held companies have co-investors, they need to exercise care in managing their business. This need for caution is due in large part to a Texas statute that makes it easier for...more

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