John J. Francis, Hugh P. Francis and J. Raymond Berry, Trustees of Pritchard & Baird Intermediaries Corp., Pritchard…

Summary

The Supreme Court of New Jersey affirmed the Appellate Division, holding that a corporate director owed a fiduciary duty of care to the reinsurance broker's clients, breached that duty by failing to monitor and prevent misappropriation of trust funds, and that the breach was a proximate cause of the plaintiffs' losses.