Texas Court Tosses $3M Award In Family Trust Dispute

Law360, New York (March 20, 2012, 7:15 PM EDT) -- A Texas appeals court ruled Tuesday that trust documents can't completely absolve trustees of fiduciary duties in a dispute over a family trust tied to energy company Martin Midstream Partners LP, though it overturned a lower court's $3 million judgment on separate grounds.

The document creating the Ruben S. Martin III Dynasty Trust has language limiting self-dealing and divided loyalty claims against trustee Scott D. Martin, but he still has a duty under the Texas Trust Code to "act in good faith and in accordance with the purposes of the trust" set up for the benefit of his nieces Courtney Noel...

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