PEOPLE v. WELLS FARGO INS. SERVS., INC.

No. 6.

16 N.Y.3d 166 (2011)

THE PEOPLE OF THE STATE OF NEW YORK, by ANDREW M. CUOMO, Attorney General of the State of New York, Appellant, v. WELLS FARGO INSURANCE SERVICES, INC., et al., Respondents.

Court of Appeals of New York.

Decided February 17, 2011.


Attorney(s) appearing for the Case

Andrew M. Cuomo , Attorney General, New York City ( Richard Dearing , Barbara D. Underwood and Steven Wu of counsel), for appellant.

Alan L. Kildow , of the Minnesota bar, admitted pro hac vice, Skadden, Arps, Slate, Meagher & Flom, LLP, Washington, D.C. ( Richard L. Brusca and Amanda M. Raines of counsel), and Skadden, Arps, Slate, Meagher & Flom, LLP, New York City ( Steven R. Glaser of counsel), for respondents.

Vinson & Elkins L.L.P., New York City ( Steven Paradise of counsel), for Liberty Mutual Insurance Company and others, amici curiae.

Steptoe & Johnson LLP, New York City ( Sandra E. Cavazos of counsel), and Steptoe & Johnson LLP, Washington, D.C. ( Scott A. Sinder of counsel), for Council of Insurance Agents and Brokers, amicus curiae.

Chief Judge LIPPMAN and Judges CIPARICK, READ, PIGOTT and JONES concur; Judge GRAFFEO taking no part.


OPINION OF THE COURT

SMITH, J.

We hold that an insurance broker does not have a commonlaw fiduciary duty to disclose to its customers "incentive" arrangements that the broker has entered into with insurance companies.

I

The Attorney General brought this action against a large insurance brokerage firm now known as Wells Fargo Insurance Services, Inc. The complaint contains four causes of...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases