New Cases In The North Carolina Business Court: June 2009

There were ten new cases designated to the North Carolina Business Court during June 2009, down from eighteen in May and fourteen in April.  The June cases are as follows:

Anderson & Associates of Virginia, Inc. v. Tuscany Development Co. (Guilford)(Tennille): whether an individual can be personally liable for the obligations of an LLC when the entity was erroneously designated in the contract documents.

Berton v. Jacobson (Wake)(Jolly):alleged misrepresentations to induce plaintiffs to invest in limited liability companies, allegations of a Ponzi scheme.  Claims under the North Carolina Securities Act, breach of fiduciary duty, fraud, negligent misrepresentation, N.C. RICO, and to pierce the corporate veil. Related to the Shareff case, below.

BB&T BOLI Plan Trust v. Massachusetts Mutual Life Ins. Co. (Forsyth)(Diaz): alleged mismanagement of $55 million securities investment by BB&T, which BB&T claims was to be reallocated into less risky investments if the value fell below a certain amount.   BB&T claims "despite knowing of the meltdown in the mortgage-backed securities market and that [the fund] was heavily investment in [mortgage backed securities] investments, [Defendant] failed to take timely steps to protect BB&T's premiums."

Engineering Services, P.A. v. Dail (Wake)(Jolly): claims for breach of fiduciary duty and conversion by corporate officer and shareholder, counterclaim seeking dissolution of the corporation or redemption of defendant's ownership interest.

Ferguson Fibers, Inc. v. Foster (Davidson)(Tennille): claims against former employee for unfair competition and misuse of proprietary information.

Kiser v. Shelby (Caldwell)(Diaz): claims for breach of operating agreement of LLC, breach of buy-sell agreement, breach of fiduciary duties, dissolution and misappropriation of intellectual property.

Oracle Flexible Packaging, Inc. v. Industrial Air Quality, Inc. (Forsyth)(Diaz): This is a Rule 2.1 case in which "Plaintiff seeks in excess of $31,000,000 for damages resulting from an explosion . . . at a manufacturing complex where it produced aluminum packaging materials" allegedly resulting from defendants' design and installation of an "oily foil trim collection system."

Red Ventures, LLC v. Modern Consumer, LLC (Mecklenburg)(Diaz): alleged fraud in Plaintiffs' acquisition of business sold by the Defendants.

Rouen v. Smith (New Hanover)(Diaz): plaintiffs allege that the defendants formed a sand mining business that was intended to include the plaintiffs as members, but failed to include them.  Also claims for usurpation of corporation opportunities and wrongful sales of member interests in the venture.

Shareff v. Lakebound Fixed Return Fund, LLC (Wake)(Jolly): alleged misrepresentations to induce plaintiff to invest in limited liability companies, claims under North Carolina Securities Act and North Carolina Investment Adviser Act and for common law fraud.  Related to the Berton case, above. 

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