In In re Amerisciences, a bankruptcy trustee sued a bankrupt company’s former officers for breach of fiduciary duty regarding the theft of trade secrets. No. 18-20394, 2019 U.S. App. LEXIS 20635 (5th Cir. July 11, 2019). The jury found for the trustee, and the officers appealed. The court of appeals addressed whether there was sufficient evidence of damages to support the breach of fiduciary duty claim:
officer's fiduciary duty
Fifth Circuit Affirmed Judgment Against A Company’s Former Officer For Breach Of Fiduciary Duty
By David Fowler Johnson on
Posted in Items of Interest
In Ebert v. Dejoria (In re Latitude Sols., Inc.), a bankruptcy trustee sued a company’s former officers for breach of fiduciary duty. No. 18-10382, 2019 U.S. App. LEXIS 13060 (5th Cir. April 30, 2019). The trustee asserted that LSI was a sham company set up to fail from the…
Federal District Court Held That A Shareholder Of A Company Did Not Owe Fiduciary Duties To The Company Regarding A Transfer Of Stock Even Though He Was Also An Officer
By David Fowler Johnson on
Posted in Items of Interest
In Liberty Bankers Life Ins. Co. v. Lenhard, a company sued its former chief executive officer and shareholder for breaching fiduciary duties and fraudulent statements regarding an agreement to transfer his stock in the company. No. 3:16-CV-2417-N, 2019 U.S. Dist. LEXIS 19390 (N.D. Tex. February 6, 2019). The defendant…
Court Finds That There Is A Fact Issue On Whether Corporate Shareholder And Officer Breached Fiduciary Duties To Creditors
By David Fowler Johnson on
Posted in Cases Decided, Texas Court of Appeals
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 take a percentage of the proceeds. No. H-14-3103, 2017 U.S. Dist. LEXIS 21987 (S.D. Tex.
Court Reverses Summary Judgment On Breach Of Fiduciary Duty Claim Against Corporate Director
By David Fowler Johnson on
Posted in Texas Court of Appeals
In E&E Serv. & Supply v. Ruddick, a corporation sued a former employee who formed a competing business. No. 11-14-00055-CV, 2016 Tex. App. LEXIS 7514 (Tex. App.—Eastland July 14, 2016, no pet. history). The trial court granted summary judgment for the employee based on the alleged absence of any evidence…
Court Holds That An Officer Can Negotiate New Employment Without Breaching Fiduciary Duties
By David Fowler Johnson on
Posted in Items of Interest
In Great American Food Chain, Inc. v. Andreottola, a corporate officer and director negotiated and accepted employment with a competitor while still employed with his prior employer. No. 3:14-CV-1727-BK, 2016 U.S. Dist. LEXIS 27658 (N.D. Tex. March 4, 2016). After the officer terminated his employment, the prior employer sued…