Trustee sued for violation of duties of care, loyalty — $2.5 million verdict

(Virginia Lawyers Weekly)

Plaintiffs alleged that defendant, who sewed as the trustee for several family trusts, had violated his duty of care and loyalty. Plaintiffs sought damages for his misfeasance/negligence while serving as the trustee. Defendants have noted an appeal and ALPS is contesting coverage.

Type of action: Breach of fiduciary duty

Name of case: Ivan L Higgerson Sr & Sandra H. Butt as Co-Executors of the Estate of Edith A. Higgerson at al. v. Philip R. Farthing, and Philip R. Farthing, P.C.,

Court: Chesapeake Circuit Court

Case no: CL14-2929

Tried before: Judge

Name of judge: Hon. John W. Brown

Date resolved: July 20, 2017

Verdict or settlement: Verdict

Amount: $2,550,788.55

Attorney for Plaintiff: : Gregory S. Larsen, Chesapeake

Plaintiff’s experts: Robert C. Miller; Patrick E. Corbin, CPA; Elizabeth T. Patterson, CFP

Defendant’s experts: Jo Ann Blair-Davis

Insurance carrier: ALPS