United States Eighth Circuit

In an action brought by beneficiaries of a trust and its current trustee raising a breach of fiduciary duty claim against the trust's former trustee, summary judgment for defendant is affirmed where the district court did not err in finding defendant had acted in reasonable reliance on the express and implied terms of the trust, which provided for retention of certain stock despite any resulting lack of diversification.

Appellate Information

• Decided 10/01/2008
• Published 10/01/2008

Judges

• COLLOTON, Circuit Judge., Before LOKEN, Chief Judge, COLLOTON, Circuit Judge, and PIERSOL, District Judge.

Court

• United States Eighth Circuit

Counsel

• For Appellant:
  
• Mark S. Olson, argued, Minneapolis, MN (Adam C. Trampe, on the brief), for appellants.


• For Appellees:
  
• Ronald Harvey McLean, argued, Fargo, ND (Beverley L. Adams, on the brief), for appellee.