U.S. Court of Appeals for the Sixth Circuit
Elizabeth A. Osborn (16-2221 & 16-6225); Linda G. Holt, Judith E. Prewitt, and Cynthia L. Roeder…
July 28, 2017865 F.3d 417
Summary
The court affirmed a roughly $584 million judgment requiring defendants to disgorge profits arising from fiduciary breaches involving family-business stock, estate assets, and real property. It held that the probate exception did not apply, equitable tolling preserved the claims despite their age, the 1993 settlement and collateral estoppel did not bar the Holt plaintiffs, and Kentucky law supported liability and the equitable remedy. Judge Merritt, dissenting, would have enforced the settlement or, alternatively, applied laches, reduced the damages for tax-related distributions, and rejected or reconsidered the prejudgment-interest award.