U.S. Bank National Association v. Stanley

In North American Catholic Educational Programming Foundation, Inc. v. Gheewalla , the Delaware Supreme Court held that creditors of an insolvent Delaware corporation do have standing to maintain derivative claims against directors on behalf of the corporation for breaches of fiduciary duties. Consequently, the Gheewalla court's ruling bars any direct claims of creditors appellant, a bank, purports to bring on their behalf. Houston Court of Appeals, No. 14-08-00567-CV, 09-15-2009

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Affirmedand Opinion filed September 15, 2009.

OPINION

Appellant U.S. Bank National Association appeals from the trial court’s orders granting the appellees’ motions for summary judgment. U.S. Bank contends that (1) the factual record supports its claim for the appellees’ breach of fiduciary obligations, appellee John R. Stanley’s breach of an employment agreement, and its entitlement to damages; (2) the appellees’ objections to U.S. Bank’s summary-judgment evidence and expert testimony and opinions are without merit; and (3) the Gheewalla*fn1 doctrine, providing that the board of directors of an insolvent corporation does not owe fiduciary duties to the creditors of the corporation, does not apply or otherwise support summary judgment for the appellees. For the reasons explained below, we affirm.

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