City of Atascadero v. Merill Lynch, Pierce, Fenner & Smith, Inc.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• recognizing that extrinsic evidence of objective circumstances may be considered in determining the mutual intent of contracting parties
• stating that “[Cjourts must interpret contractual language in a manner which gives force and effect to every provision, and not in a way which renders some clauses nugatory, inoperative or meaningless”
• finding that statute at issue did impose a statutory trust where it stated that the money “shall be deemed to be held in trust by the county treasurer on behalf of the depositing entity or public official.”
• finding trustee-investors, who had no direct contact with Merrill Lynch, could nonetheless state a claim for breach of fiduciary duty if Merrill Lynch actively participated in broker’s fraud
• finding trustee-investors, who had no direct contact with Merrill Lynch, could nonetheless state a claim for breach of fiduciary duty if Merrill Lynch actively participated in broker’s fraud
• “The elements of a cause of action for breach of fiduciary duty are the existence of a fiduciary relationship, its breach, and damage proximately caused by that breach”

Source: CourtListener parenthetical corpus (CC0).