Public Policy Group Co-Chair Phil Goldberg and Of Counsel Andrew Trask have filed an amicus brief with the U.S. Supreme Court in support of a petition for certiorari in a case involving the equitable powers doctrine. In a class action, the plaintiffs claimed the defendant violated his fiduciary duty to them in structuring a corporate merger. The jury determined the plaintiff class did not sustain any injuries from the alleged violation and issued a defense verdict. The judge, however, invoked his equitable powers to determine issues related to fiduciary duties and ordered the individual to disgorge profits he made in the sale and give them to the class.
The amicus brief explained that once the jury determined the plaintiffs were uninjured, they had no right to any disgorgement award, either in law or equity. Shook's Public Policy group filed the brief on behalf of the National Association for Behavioral Healthcare.
The case is Shear v. MAZ Partners, No. 18-403 (U.S.).