Stamp v. Touche Ross & Co.

PRESIDING JUSTICE GORDON

delivered the opinion of the court:

Plaintiff, as Director of Insurance for the State of Illinois and as liquidator of Pine Top Insurance Company (Pine Top), appeals from the trial court’s dismissal under section 2 — 615 (Ill. Rev. Stat. 1987, ch. 110, par. 2 — 615) of his action for negligence and breach of fiduciary duty against the defendants who were outside, i.e., nonmanagement, directors of Pine Top.

This action arises from the insolvency of the Pine Top Insurance Company, a stock property, casualty and fire insurance company organized under the laws of the State…