Investing in a rocky market Nov 12, 2008
And know whether the adviser is required to have a fiduciary relationship with his or her clients that means they must put their customer s best interests first, even above their own, and is not a requirement for all financial planners. Someone who doesn t have a fiduciary relationship might give you good choices, but not necessarily the best choices, she said. (DeKalb Daily Chronicle, IL)
Supreme Court00003DEE restores damages in corporate raid trial Oct 10, 2008
In the absence of a fiduciary relationship or non-competition clause, they are legally free to leave and enter into competition with former employers, either individually or in a group. (). (Globe and Mail -- National)
Action Against Mortgage Broker Proceeds Aug 30, 2008
In , 07-cv-00964, Eastern District of New York Judge Joseph F. Bianco has ruled that Anthony and Theresa Iannuzzi had sufficiently alleged that a fiduciary relationship existed between them and the mortgage broker, Custom Capital Corp. ... "The Court concludes that the Amended Complaint sufficiently alleges that CCC engaged in conduct, as well as made representations to plaintiffs, that created a fiduciary relationship with plaintiffs," the judge wrote ... Their claim that "facts may come to... (Law.com)
Do you trust your trustees? Aug 16, 2008
They should review this material carefully every month within five days from receipt, bearing in mind that every trustee has a fiduciary relationship to all the unit owners. " Bodies corporate, he emphasises, do have the power to safeguard members' interests and they should use it. Digg | | | | | | Copyright 2002-2008 iafrica.com, a division of Primedia Online* - a Primedia company Reproduction without permission is prohibited. All rights reserved.. (iAfrica.com)
U.S. Fraud Lawsuit Against UBS Dismissed Jul 30, 2008
"Plaintiffs merely assert that, by virtue of UBS's position as prime broker, clearing broker and custodian for the fund, UBS assumed a fiduciary duty to the plaintiffs, as limited partners. These allegations, without more, are not sufficient to establish the existence of a fiduciary relationship." the judge said. (Reporting by Varsha Tickoo in Bangalore; Editing by Greg Mahlich). (ABC News -- Wire)
Court Rejects Suit by Woman Who Said She Had Sex With Rabbi to Find Husband Jun 27, 2008
But those allegations were insufficient, even if proven, to establish a fiduciary relationship between the two, Graffeo concluded. She stated that in 2005, the court had rejected a clerical malpractice claim but "left open" in Wende C. v. United Methodist Church, 4 NY3d 293, the possibility that a parishioner could raise a claim of sexual misconduct by a cleric on breach of fiduciary duty theory. (Law.com)
3rd Circuit: Class Action No Cure for Uninsured Patient's Bill Jun 27, 2008
Defense lawyers disagreed, saying the claim should be foreclosed because the New Jersey courts have already held that debtors and creditors do not exist in a fiduciary relationship. Debevoise sided with the defense, saying, "In general New Jersey does not find fiduciary duty in the debtor-creditor context, and, given that the cases cited by both sides relate only to the provision of care and not the payment therefor, it is unlikely that the New Jersey courts would expand a hospital's fiduciary... (Law.com)
Franchising code flawed: experts Jun 24, 2008
This creates a fiduciary relationship,'' said McFarlane, ''which goes beyond the relationship that they already have. It's not like an employer relationship. (Sydney Morning Herald -- Business)
Gary Wolf vs Walt Disney Studios May 24, 2008
Roger Rabbit Creator Sued Studio For Unpaid Royalties. Gary Wolf's 20-year lawsuit against Disney shows why writers don't trust movie studios. (Suite101.com)
How to Choose a Personal Health Record May 2, 2008
A PHR provider that's not covered by HIPAA has no fiduciary relationship with the patient as a doctor or hospital does, explains Robert Gellman, a privacy consultant in Washington, D.C. Once a patient gives their consent, the PHR provider can hand over your email address or drug prescriptions to a third party if it so desires. "It's really easy to wheedle consent out of consumers. Most people don't read those policy notices," Gellman says. (SmartMoney)
IRS Issues Dirty Dozen List of Scams Mar 25, 2008
New additions to the IRS frivolous-arguments list: objections to military spending, erroneous claims that taxes are owed only by those with a fiduciary relationship to the U.S., a nonexistent "Mariner's Tax Deduction" and the misuse of the fuel-tax credit. Fuel-tax credits are a headache for the IRS. Farmers and others who use fuel for business -- beyond getting to and from appointments -- can be bona fide users of these credits. (Wall Street Journal)
Who is your financial adviser working for, anyway? Mar 16, 2008
Who is your financial adviser working for, anyway. Local Search Site Search. (Boston Globe)
What is a Trust? Feb 29, 2008
In any event, the relationship between the Trustee and the Beneficiaries is akin to a fiduciary relationship in that a Trustee has an absolute duty of loyalty to the Beneficiaries in exercising any power under the Trust. Beneficial ownership of the property contained within a trust lies (not surprisingly) with the Beneficiaries. (Suite101.com)
Genetic rice suit moving forward Feb 7, 2008
Thompson said Riceland has a fiduciary relationship with its members, which makes it Riceland s responsibility to look out for the interest of its members. They failed to uphold it. (DeWitt Era-Enterprise, AR)
Calif. High Court's Leanings Hard to See in City of Hope Patent Case Feb 6, 2008
Whether a $500 million damages award against Genentech Inc. stands will probably come down to whether the California Supreme Court interprets a 32-year-old contract as establishing a fiduciary relationship between the biotech giant and a research center. That issue was the focus of Tuesday's oral argument in the long-awaited case, as the court's justices attempted to nail down exactly what constitutes a fiduciary relationship in a patent contract ... 2d 357, a 1956 2nd District Court of Appeal... (Law.com)
Do you trust MEA? Feb 5, 2008
The fiduciary relationship, above all, is one of good faith, loyalty and trust. Are you feeling the good faith, loyalty and trust here. (Wasilla Frontiersman, AK)
Consumer Class Action Certified Against Title Insurance Co. Feb 2, 2008
Likewise, Robreno found that the misrepresentation claims may also be amenable to class treatment because individualized proof of reliance is excused for such claims where the defendant has a fiduciary relationship with the plaintiffs. The plaintiffs lawyers had argued that the relationship between the insurer and the class members excuses the need for individualized proof of reliance. (Law.com)
Judge calls Simpson 'arrogant or ignorant or both,' doubles bail Jan 17, 2008
Outside court, Galanter told reporters the bondsman, who handled security and had Simpson living at his home during the preliminary hearing, had violated his fiduciary relationship with Simpson. "Mr. Pereira is a piranha and anyone who does business with him should have their head examined," Galanter fumed. (North County Times)
Is definition of 'insider' comprehensive? Jan 4, 2008
who become insiders by virtue of their fiduciary relationship with the firm, and people family members or unrelated who receive tips from any member of the first two sets. The existing Prohibition of Insider Trading Act spells out the first group, lists several agencies with fiduciary relationship with the firm and covers family members to span the third category ... What is pertinent to note here is that most of the insider trading litigation in the US stems not from section... (India Times)
Wrap Account Demise Gives You Two Options Jan 2, 2008
Advisers have a fiduciary relationship, which means they're supposed to put your interests first. How much that matters will depend on whether you get into a wrangle about the way your account was handled. (Bloomberg -- Columnists)
Mormon church asks for ruling on sex abuse case before trial Dec 16, 2007
"Courts throughout the country have refused to recognize the existence of a fiduciary relationship between a religious organization and its members based solely on religions teachings or faith," it states. McMahon and one of Joseph's lawyers, Adam Horowitz of Miami, declined to comment. (Sioux City Journal, IO)
Fla. Court Calls Law Firm's Role in Fire-Fee Deal 'Reprehensible' Aug 9, 2007
"Class certification here was inevitable," Ramirez wrote, adding that the failure to write an order to certify a class "cannot be used to circumvent or undermine a fiduciary relationship.". In a prepared statement issued Wednesday, Miami Mayor Manny Diaz touted the ruling as a victory for the city. (Law.com)
Share comments Jul 18, 2007
"As an elected official, I fully understand my fiduciary relationship to the public. I also understand how I breached that relationship. I take full responsibility for my conduct. It is my intention to cooperate with the Federal Government, and in the coming weeks, I intend to plead guilty to a criminal offense. I apologize for my actions to the citizens of this wonderful community.". What are your thoughts about this issue. (The Palm Beach Post)
ASIC won't appeal but may challenge costs Jul 18, 2007
Justice Jacobson found that Citigroup had legally contracted out of a fiduciary relationship by an explicit clause in its engagement letter with Toll. The judge also rejected ASIC's argument that the proprietary trading had amounted to insider trading. (Sydney Morning Herald)
ASIC initiates an unwanted exclusion zone Jun 30, 2007
The most succinct definition of a fiduciary relationship in Justice Peter Jacobson's judgement this week was: The distinguishing or overriding duty of a fiduciary is the obligation of undivided loyalty ... The pro-forma mandate letter describing the relationship between Citigroup and Toll, and signed by both parties, specifically excluded the existence of a fiduciary relationship between them ... And in fact, Neil Chatfield acknowledged in evidence that he did not pay any real attention to the... (The Age)
Trading and Chinese walls Jun 30, 2007
" By this standard it might have received the worst possible outcome. The judge rejected outright ASIC's view of how conflicts should be managed. Yet, thanks to a combination of the way the case was run and the wording of the Corporations Act, ASIC's expensive and high-profile litigation failed to produce a clear judicial statement of what banks should do. Section 912 of the Corporations Act contains a specific provision about "adequate procedures" for dealing with conflicts of interest. "ASIC's... (Sydney Morning Herald)
Risky lawsuit backfires on ASIC Jun 29, 2007
According to ASIC, Citigroup had a fiduciary relationship with Toll ... But he said there was no fiduciary relationship because of an exit clause in Citigroup's letter of engagement with Toll. (The Age, Australia -- Business)
ASIC just needed to give Citigroup a talking to Jun 29, 2007
At the core of the Citigroup case was the question of whether a sophisticated client and an investment bank can agree to contract away any fiduciary relationship and the potential for conflicts of interest. When ASIC originally launched the action it was seen as an attack on proprietary trading, although it morphed into a test case on fiduciary duties and an attempt to stretch the boundaries of the definition of insider trading. (Sydney Morning Herald -- Business)
Watchdog loses key insider trading case Jun 29, 2007
" Mr D'Aloisio said he had looked at the facts of the case upon his appointment in March and was confident the legal team had prepared a thorough case. ASIC's other claims - that Citigroup had breached its fiduciary relationship with Toll by trading in shares of the company it was attempting to take over - and an argument it had engaged in a conflict of interest, were also dismissed. Justice Jacobsen said the letter of engagement under which Toll retained Citigroup as its adviser specifically... (NEWS.com.au)
Citigroup cleared of insider trade Jun 28, 2007
He ruled that the bank did not have a conflict of interest in trading Patrick shares because it did not have a fiduciary relationship in its contract with Toll. "Citi Australia is pleased with the outcome handed down today by the federal court," the bank's Australian chief executive officer, Stephen Roberts, said in a statement. (CNN -- International)
Australian court dismisses insider trading charges against Citigroup Jun 28, 2007
Key to ASIC's case was its claim that Citigroup had a fiduciary relationship with Toll that obligated the bank to get permission from the company before trading in Patrick shares. Citigroup's defense was that the letter of engagement Toll used to hire Citigroup as its adviser "specifically excluded the existence" of a fiduciary relationship. (International Herald Tribune -- Business)
Issuers Advised to Step Off Conflict Merry-Go-Round: Joe Mysak Jun 16, 2007
There is a lack of understanding among many debt issuers about the appropriate roles of underwriters and financial advisers and the fiduciary relationship that each has or does not have with respect to state and local government issuers,'' the draft says. The draft, to be discussed by the association's executive board in October, says that unless the issuer has a dedicated debt management staff, it should hire a financial adviser. (Bloomberg -- Columnists)
Woman Convicted of Neglecting Retarded Kin Jun 7, 2007
Parsons, 44, of Fayetteville, also was found guilty of intentional neglect of an elder person, misappropriation of funds that belonged to an elder person and embezzlement by misuse of a fiduciary relationship, all felonies. Fayette County Assistant Prosecutor told the jury that Parsons left her 68-year-old cousin, , "to rot in her own filth." King died in December 2005, a week after a paramedic found her naked and covered in dried waste and sores, according to testimony during the trial in... (Fox News)
Caregiver guilty of felony neglect Jun 6, 2007
Jewell Parsons was found guilty of three felonies: intentional neglect of an elder person, misappropriation of funds that belonged to an elder person and embezzlement by misuse of a fiduciary relationship. Her cousin, Naomi King, died in December 2005, a week after paramedics took her to a hospital. (Charleston Gazette, WV -- News)
Fatal-neglect trial begins in Fayette court May 31, 2007
Jewell L. Parsons is charged with intentional neglect of an elder person, misappropriation of funds that belonged to an elder person and embezzlement by misuse of a fiduciary relationship. Her trial began Wednesday before Fayette Circuit Judge John Hatcher. (Charleston Gazette, WV -- News)
Tempers flare at financial meeting in Cromwell May 24, 2007
"There's a fiduciary relationship between a government and the people," Diaz insisted. Nor was Selectman Fran Monnes mollified. (Middletown Press, CT)
Housing Counsel: Protecting Your Association Assets May 7, 2007
Keep in mind that every board member has a fiduciary relationship to all the unit owners. I assume that you review your own bank statements on a monthly basis; you should do no less for the unit owners you serve. (RealtyTimes)
Visitor agreement Apr 29, 2007
Uploading, posting, emailing, transmitting or otherwise making available any content that you do not have a right to make available under any law or under any contractual or fiduciary relationship (such as inside information, proprietary and confidential information learned or disclosed as part of employment relationships or under nondisclosure agreements). Uploading, posting, emailing, transmitting or otherwise making available any content that infringes any patent, trademark, trade secret,... (Atlanta Journal-Constitution)
N.Y. Court Refuses to Revive Smoking Suit Filed Years After Limitations Period Apr 24, 2007
Finally, the justices said that Robare had failed to show a special fiduciary relationship existed between him and the tobacco companies. Justices Thomas E. Mercure, Karen K. Peters and Anthony T. Kane joined Justice Mugglin in the ruling. (Law.com)
Citigroup Australia Denies Charge of Insider Trading in Patrick Shares Mar 24, 2007
Citigroup had no fiduciary relationship with Toll and acted in the best interests of its client, said Stephen Roberts, Citigroup's head of investment banking in Australia, in a statement today. The bank's proprietary traders, who bought shares of Patrick on Citigroup's account, didn't know the bank was advising Toll on its bid for Sydney-based Patrick, he said. (Bloomberg -- Australia & New Zealand)
Ask questions before choosing financial professional Mar 20, 2007
Ask the financial professional if they have a fiduciary relationship with their clients. Someone who is a fiduciary is required by law to always act in your best interests. (Mattoon Journal-Gazette, IL)
Lawsuit focuses on affiliated companies Mar 5, 2007
" On a typical $250,000 home purchase, according to the suit, the title affiliate's fees "can be several hundred dollars more" than those of nonaffiliated competitors. Among other alleged breaches of fiduciary duty, according to the suit, the real estate broker did not "disclose that it pressures its sales associates to direct their clients' closing and title insurance business" to the affiliate. Nor did the firm disclose that it offers financial incentives to sales associates who cooperate,... (San Francisco Chronicle)
Suit alleges brokers steer buyers to pricey allies Mar 2, 2007
In the case of a broker-client relationship, fiduciary duty means that a real estate broker is bound to put a client's best interests ahead of the broker's, and must not profit from the fiduciary relationship unless the client consents. A fiduciary is also supposed to disclose material facts that may affect the client's best interests. (Sunspot.net -- Business)
Compass Partners hopes to resolve loans in 2007 Feb 23, 2007
"Compass Financial has a fiduciary relationship with these investors whereas others only have self-interest," Blatt said. The partners said they hope to resolve all 70 loans within a year. (Las Vegas Review-Journal -- Business)
