Reporting on Judicial Decisions of Significance to Business & Shareholders
Paintiffs, who had suffered signficant losses on variable annuity policies sold to them by the defendant agents and insurance companies, asserted claims on multiple theories: breach of fiduciary duty, constructive fraud, unfair and deceptive practices, negligence, negligent misrepresentation, aiding and abetting breach of fiduciary duty, and unjust enrichment.
The Court dismissed some claims and ordered…
This case involved a troubled company, whose board of directors had hired turnaround consultants to assist with management. When the composition of the board of directors changed, the new board sued the consultants, and others, for fraud and unjust enrichment, alleging that the consultants had withheld information from the board and that they had been…
The Court held that plaintiff, an insurance agent who had given up two profitable territories based upon the representations of defendants that he would be given two new territories, stated a claim for fraud. The Court noted that allegations based upon information and belief do not satisfy Rule 9(b), but said there were sufficient facts…
Following a thorough discussion of the elements of a valid contract, the Court found a question of material fact whether the parties had agreed on all the material terms of the contract which plaintiff claimed entitled him to a significant bonus. Plaintiff was not required to show that the bonus had actually been paid in…
Plaintiffs sold their stock in Citizens Savings Bank, and the stock increased in value significantly after Citizens merged with BB&T. Plaintiffs claimed that the various buyers of the stock had been unjustly enriched. The court granted summary judgment, because the buyer had no knowledge of the merger transaction and because Plaintiffs had already recovered a…