Gangnes v. Lang

Plaintiffs appeal a declaratory judgment denying rescission of one agreement, voiding another, denying damages for breach of fiduciary duty and finding that plaintiffs are obligated for contribution to defendant. We affirm.

The proceedings are essentially equitable in nature. The primary remedies sought are rescission and restitution or specific enforcement, all equitable remedies. The damages sought were dependent on the granting of one of the equitable remedies. Defendant counterclaimed for contribution.

The parties organized a number of corporations that by 1985 were in serious financial…