United Teachers Associates Insurance v. MacKeen & Bailey Inc.

DeMOSS, Circuit Judge:

An insurance company filed this suit for breach of fiduciary duties against its actuary. We hold that the actuary, because of the particular facts of his relationship with the company, was a fiduciary, and that he breached his fiduciary duties to the company. We hold, however, that the district court erred in applying the usurpation of corporate opportunity doctrine to a corporate fiduciary other than an officer, director or major shareholder, and reverse and render the recovery based on that théory. Otherwise, we generally affirm the findings and awards of the district…