Appeals Court Remands Fiduciary Duty Case

Law360, New York (November 2, 2007, 12:00 AM EDT) -- An appellate court has vacated part of a district court’s decision to grant summary judgment to a court-appointed receiver of a defunct financial services company after the lower court ruled that the company’s former CEO breached his fiduciary duty.

On Friday, the U.S. Court of Appeals for the Tenth Circuit overturned a district court’s ruling granting summary judgment to David K. Broadbent, who was appointed receiver of Merrill Scott & Associates Ltd. after the U.S. Securities and Exchange Commission filed suit against the company in 2002....
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