A Faegre Drinker team succeeded in having a corporate trustee dismissed from litigation before the District of Puerto Rico. The plaintiff sued the trusts’ settlor, an LLC he allegedly controlled, and the corporate trustee for breach of contract, unjust enrichment and various forms of fraud because the settlor allegedly accepted a $17 million investment from the plaintiff but did not issue the convertible note that was promised. The plaintiff argued that the corporate trustee was liable for the settlor’s and LLC’s conduct under an agency theory.
After Faegre Drinker moved to dismiss the plaintiff’s lawsuit against the corporate trustee, the plaintiff stipulated to dismiss the corporate trustee from the case.
