In what business lawyers are calling an important decision, the state Supreme Court has reversed a trial court's ruling that one of the country's largest insurance brokerage firms had violated state statute when taking kickbacks to push clients to certain insurers.
The state Supreme Court, in a complex 25 page ruling penned by Justice Christine S. Vertefeuille, said the trial court should not have relied on a common-law fiduciary duty violation and that the basis for an unfair insurance practice claim can only come from what is expressed and listed in the statute itself.
