TRUESDELL v. DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION


281 A.D.2d 334 (2001)

722 N.Y.S.2d 523

HOBART G. TRUESDELL, as Plan Administrator for, on Behalf of, and as Successor to Reorganized MID-AMERICAN WASTE SYSTEMS, INC., Appellant, v. DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION et al., Defendants, and FLEET BANK, N. A., et al., Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided March 27, 2001.


Plaintiff, an administrator for a bankruptcy plan of reorganization, is suing, as here relevant, two law firms that formerly advised the bankrupt, as well as the bank that was formerly its lead lender and, allegedly, a financial adviser. Plaintiff's theory is that such defendants, each of whom filed proofs of claim in the bankruptcy proceeding, breached fiduciary duties to the bankrupt by failing to advise it of the defalcations and other wrongdoing of its management, and...

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