In 2015, Punzak sued English, McIvor and the two companies in Superior Court for breach of fiduciary duty
, breach of contract, wrongful termination, and intentional interference.
The gist of what she said, in a characteristically outspoken way, was that not every breach of duty by a fiduciary is a breach of fiduciary duty
. A couple of years later, this element of her analysis was adopted in both of the principal judgments of the Supreme Court of Canada in the high-profile case of LAC Minerals Ltd.
In Squire, the court held that, because the petitioner pled that the substitute trustee breached a fiduciary duty
by holding the foreclosure sale prior to the required face-to-face meeting, and because she was damaged, the circuit court erred in sustaining the substitute trustee's demurrer.
Did (defendant) owe a fiduciary duty
Having good policy and processes is not a full defense for boards and directors having acted with due care in fulfilling fiduciary duty
, and a Court could still find liability.
The Second Circuit opinion in Martoma is clear in its view: the transfer of material nonpublic information in breach of a fiduciary duty
to someone who is expected to trade on the information is sufficient to find insider trading liability under Section 10(b) and Rule 10b-5.
The Florida LLC Act's statutory fiduciary duty
provisions were substantially modified in 2015 by "un-cabining" the statutory fiduciary duties and by expressly adopting common law principles of law and equity relating to fiduciary duties as an express part of the act.
The essence of the proposed changes on the fiduciary duty
issue are succinctly described in the third paragraph of the document: "A CFP professional must at all times act as a fiduciary when providing financial advice to a client, and therefore act in the best interest of the client."
Valsan rejects the narrow and broad approaches in favour of a middle ground he identifies that separates fiduciaries' duties into two groups: the traditional duties comprised of the no-conflict and no-profit rules and a core fiduciary duty
Stolyar has represented multiple Fortune 500 companies, as well as a major foreign government, and has litigated cases involving a broad range of legal issues, including breach of fiduciary duty
, breach of contract, fraud, RICO, trademark and copyright infringement, employment, probate and commercial real estate disputes.
There are at least three situations where being aware of the laws and regulations pertaining to fiduciary duty
relating to investments are crucial:
Since a director's conduct rarely will rise to the level of a breach of fiduciary duty
but can nevertheless be detrimental to the board, preventing director disengagement before it occurs is the best way to ensure that boards continue to operate effectively.
Onion Lake and Poundmaker Cree Nations filed a class action lawsuit in early February against the federal government claiming $3 billion in damages and alleging "a continuing breach of fiduciary duty
and negligence on the part of the federal government." The two First Nations claim that their reserve lands and reserve lands of the other class members contained oil and gas rights "which were ripe for exploitation." But instead of drilling occurring on the reserve lands for which the First Nations designated oil and gas rights to the Crown, drilling occurred on lands bordering the reserves.
Steve Womack, R-Rogers, is vice chair of the House Labor, Health & Human Services Appropriations Subcommittee, and he hopes to pass a law preventing a regulatory change in the definition of who has a fiduciary duty
In a unanimous decision, the Supreme Court recently found that plan sponsors and other fiduciaries have an ongoing fiduciary duty
under the Employee Retirement Income Security Act (ERISA) to monitor plan investments-a duty that is separate and apart from the fiduciary's duty to be prudent when first selecting the investments.