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INDIAN HARBOR INS. v. ZUCKER FOR LIQUIDATION TRUST

Nos. 16-1695/1697/1698.

860 F.3d 373 (2017)

INDIAN HARBOR INSURANCE COMPANY, Plaintiff-Appellee, v. Clifford ZUCKER (16-1695), in his capacity as Liquidation Trustee FOR the LIQUIDATION TRUST OF CAPITOL BANCORP LTD. and Financial Commerce Corporation; Joseph Reid (16-1697); Cristin K. Reid and Brian K. English (16-1698), Defendants-Appellants.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: June 20, 2017.

Attorney(s) appearing for the Case

ARGUED: Sheldon L. Solow , KAYE SCHOLER LLP, Chicago, Illinois, for Appellant in 16-1695. Leslie S. Ahari , CLYDE & CO US LLP, Washington, D.C., for Appellee. ON BRIEF: Sheldon L. Solow , Jason J. Ben , Elise A. Neveau , KAYE SCHOLER LLP, Chicago, Illinois, for Appellant in 16-1695. Sharon M. Woods , Dennis M. Barnes , Josh J. Moss , BARRIS, SOTT, DENN & DRIKER, PLLC, Detroit, Michigan, for Appellants in 16-1697 and 16-1698. Leslie S. Ahari, TROUTMAN SANDERS LLP, Tysons Corner, Virginia, M. Addison Draper , TROUTMAN SANDERS LLP, Atlanta, Georgia, for Appellee.

SUTTON, J., delivered the opinion of the court in which DAUGHTREY, J., joined. DONALD, J. (pp. 378-82), delivered a separate dissenting opinion.

OPINION

Capitol Bancorp went bankrupt. After negotiations between Capitol's officers and the company's creditors during the bankruptcy process, Capitol created a Liquidation Trust to pursue the estate's legal claims. The Liquidation Trustee sued Capitol's officers for $18.8 million, alleging they breached their fiduciary...

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