ARNETT v. CHARLES MORGAN SEC. INC.

16635, 653445/13

135 A.D.3d 502 (2016)

22 N.Y.S.3d 837

2016 NY Slip Op 00130

JAN ARNETT, Appellant, v. CHARLES MORGAN SECURITIES INC. et al., Respondents.

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

Decided January 12, 2016.


Plaintiff asserts that defendants, as controlling shareholders of nonparty the Enlightened Gourmet, Inc. (EGI), breached fiduciary duties owed to plaintiff, a minority shareholder and creditor of EGI. We affirm the dismissal of the claim, as plaintiff failed to show that defendants owed him a fiduciary duty. Plaintiff does not dispute defendants' contention that Nevada, where EGI was incorporated, does not recognize a fiduciary duty owed to a corporation's creditors by majority...

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