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Torts : Breach Of Fiduciary Duty – Defense Costs – Conversion
Stephanie Maniscalco//January 15, 2018//
Torts : Breach Of Fiduciary Duty – Defense Costs – Conversion
Stephanie Maniscalco//January 15, 2018//
Listen to this articleWhere appellants in a trust dispute challenged trustees’ actions in deducting the cost of the defense of the underlying litigation from appellants’ trust accounts, summary judgment for the defendants is affirmed because a trust provision applied to allow the trustees to charge the accounts for legal fees, the appellants were not deprived of their vested interest in trust assets, and the terms of the trust provided sufficient notice of the transfer of funds.
Judgment is affirmed.
Corrado v. Life Investors Insurance Company of America (MLW No. 71315/Case No. 16-3949 -12 pages) (U.S. Court of Appeals, 8th Circuit, Shepherd, J.) Appealed from U.S. District Court, Northern District of Iowa, McManus, J. (Louis Pierre Malone III, Washington, D.C., argued for appellant; Anna Friedlander appeared on the brief) (David R. Levin, Washington, D.C., argued for appellee; Wilford H. Stone appeared on the brief).
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