An accountant could be sued for breach of fiduciary duty for allegedly obtaining an equity interest in the investment fund he managed through written instruments submitted for signature to his bosses without full disclosure of their contents, a Superior Court judge has ruled.
The defendant accountant, Shawn E. Cox, argued that the plaintiff founders could not proceed with their claim because they were obliged to read the documents in question before signing them.
H&B partner Ryan P. McManus said the case illustrates how difficult it is for a party to get out of a contract it signed, even in the face of serious allegations of misconduct. “Fortunately for the plaintiffs here, the defendant had duties as a fiduciary, so they are not without a remedy.”
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