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ERI CONSULTING ENGINEERS, INC. v. SWINNEA

No. 07-1042.

318 S.W.3d 867 (2010)

ERI CONSULTING ENGINEERS, INC. and Larry G. Snodgrass, Petitioners, v. J. Mark SWINNEA, Brady Environmental, Inc., and Malmeba Company, Ltd., Respondents.

Supreme Court of Texas.

Decided May 7, 2010.

Rehearing Denied October 1, 2010.

Attorney(s) appearing for the Case

Sarah B. Duncan , Elissa Gail Underwood , Mike A. Hatchell , Susan A. Kidwell , Locke Lord Bissell & Liddell, LLP, Austin, TX, Deborah J. Race , Ireland Carroll & Kelley, P.C., Roger W. Anderson , Gillen & Anderson, Tyler, TX, for Petitioners.

Gregory D. Smith , S. Justin Lindley , Ramey & Flock, P.C., Tyler, TX, Sheral Kniffin Maloy , El Paso, TX, for Respondents.

Justice GREEN delivered the opinion of the Court.

The principal question in this case is whether consideration received for the sale of a business interest is subject to equitable forfeiture as a remedy for breach of fiduciary duty. We hold that when a partner in a business breached his fiduciary duty by fraudulently inducing another partner to buy out his interest, the consideration received by the breaching party for his interest in the business is subject to forfeiture...

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