fiduciary duty
In the wake of Tony Bennett’s passing inJuly 2023, his family has found itself embroiled in a complicated legal battle over his estate. At the center of this dispute are allegations from Bennett’s daughters, Antonia and Johanna Bennett, that Bennett’s son, D’Andrea “Danny” Bennett, failed to properly manage his father’s estate and ensure it was…
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Fiduciary litigation often arises when those entrusted with managing financial assets fail to act in the best interest of the beneficiaries they serve. A recent case involving Universal Music Group (UMG) and the rock band Limp Bizkit highlights the high stakes of fiduciary responsibilities in the entertainment industry. According to Rolling Stone (via MSN), a…
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A bitter legal battle is unfolding between optometrist billionaire Herbert Wertheim and his ex-wife, Nicole Wertheim, who alleges that he misappropriated millions of dollars from family trusts. At the heart of their dispute is a claim that Herbert moved significant funds out of the trusts intended to benefit the family, creating a legal crisis that…
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Meeting with a lawyer for the first time can feel overwhelming, but being prepared can help you make the most of your consultation. Whether you need guidance on a trust and estate matter, fiduciary litigation, or a shareholder dispute, the right preparation can ensure a productive and efficient meeting. Here’s how to get started: 1.…
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In a surprising twist, a toy tycoon is suing an estate agent for allegedly concealing the identity of the buyer for his $79 million mansion. The seller, Leo Kryss, claims he would have demanded a higher price if he had known the buyer was none other than Jeff Bezos, the world’s second-richest person. The property,…
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The legal wrangling surrounding the estate of music legend Prince continues. According to a recent Associated Press article, a Delaware judge has rejected a motion to dismiss a lawsuit filed by Prince’s former business advisors, L. Londell McMillan and Charles Spicer Jr. At the heart of the dispute is a limited liability company (LLC) established…
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On June 7, 2018, Buzz Aldrin, Presidential Medal of Freedom recipient and the second man to walk on the moon, filed a lawsuit against two of his children, Andrew and Janice Aldrin, and his former business manager, Christina Korp. The lawsuit responds to a May 2018 Florida Court filing in which Andrew Aldrin, Janice Aldrin,…
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On September 20th, Liliane Bettencourt, the richest woman in the world died at age 94. Scandals of several types plagued the last years of her life and the lives of those around her going as far as alleged campaign contributions in great excess of the legal limit to former president of France, Nicolas Sarkozy. …
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In Part 2 of this series, we examined trustees’ duties of loyalty and impartiality. This post will examine the duty to administer trusts prudently and Part 4 will discuss the duty to delegate – or not delegate – in more depth. The duty to administer trusts involves the basic values…
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As we’ve mentioned in part 1 of this series, trustees are fiduciaries and, as such, trustees owe a variety of fiduciary duties to multiple parties. These obligations include both the duty of loyalty and duty of impartiality, which we will discuss this week. To prove a trustee breached of one…
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