Legal Opinion
People v. Wells Fargo Insurance Services, Inc.
New York Court of Appeals
Decided February 17, 2011PublishedCited by 7 opinions
1Opinion of the Court
OPINION OF THE COURT
Smith, J.
We hold that an insurance broker does not have a common-law fiduciary duty to disclose to its customers “incentive” arrangements that the broker has entered into with insurance companies.
I
The Attorney General brought this action against a large insurance brokerage firm now known as Wells Fargo Insurance Services, Inc. The complaint contains four causes of action, alleging that Wells Fargo engaged in “repeated fraudulent or illegal acts” in violation of Executive Law § 63 (12), was unjustly enriched, committed common-law fraud and breached its fiduciary duties.
The…
2Cases cited10 opinions
- EBC I, Inc. v. Goldman, Sachs & Co.New York Court of Appeals · 2005
- Security Mutual Insurance v. Acker-Fitzsimons Corp.New York Court of Appeals · 1972
- Murphy v. KuhnNew York Court of Appeals · 1997
- Sokoloff v. Harriman Estates Development Corp.New York Court of Appeals · 2001
- Bohlinger v. ZangerNew York Court of Appeals · 1954
5 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Emerson Electric Co. v. Marsh & McClennan CompaniesSupreme Court of Missouri · 2012
- People v. Credit Suisse Sec.New York Court of Appeals · 2018
- Sullivan Financial Group, Inc. v. WrynnAppellate Division of the Supreme Court of the State of New York · 2012
- Waldron v. New York Central Mutual Fire InsuranceAppellate Division of the Supreme Court of the State of New York · 2011
- Matter of People of the State of N.Y. by Eric T. Schneiderman v. Trump Entrepreneur Initiative LLCAppellate Division of the Supreme Court of the State of New York · 2016
2 more not listed; retrieve them via the Exa API.