Friday, February 23, 2018

Measure of Damages for Commercial Tort of Breach of Fiduciary Duty in Financial Conversion Case

In the case of Arvonio v. PNC Fiinancial Services Group, Inc., No. 11 CV 478 (C.P. Lacka. Co. Feb. 14, 2018 Nealon, J.), the court reviewed a case involving commercial torts including breach of a fiduciary duty in a financial conversion case.

More specifically, the court addressed a motion in limine filed by a defendant seeking a court ruling on the proper measure of damages in an action filed by debtors/mortgagors against their investment management company alleging breach of contract and fiduciary duties for allegedly liquidating the Plaintiff's investment management accounts without the Plaintiff's authorization to do so.

Judge Terrrence R. Nealon of the Lackawanna Court of Common Pleas held that 42 Pa.C.S.A. Section 8335 set forth the proper measure of damages as being the difference between the proceeds of the wrongful conversion of the Plaintiff's investments and the higher value that the property may have reached within a "reasonable time" after the owner received notice of the conversion.

Anyone wishing to read this Opinion online may click this LINK.

No comments:

Post a Comment