On June 13, 2024, Joel Wertman of Winget, Spadafora & Schwartzberg LLP’s Philadelphia, Pennsylvania office, with assistance from Alex Truitt (NYC) and Doug Fogle (Philadelphia) secured summary judgment in favor of their client, a registered investment advisor, in the Supreme Court of State of NY, Nassau County. This matter involved a beneficiary designation change form executed and processed just a short time before the death of Decedent. As to WSS’s client, Plaintiffs asserted various theories of “aiding and abetting” the newly recognized beneficiary. In dismissing the matter, the Court concurred with WSS’s argument that Plaintiff could not raise a triable issue of fact as to the necessary element of actual knowledge of the alleged underlying claims for fraud and breach of fiduciary duty. Rather, Plaintiffs’ argument as to alleged lack of diligence by the advisor amounted to mere constructive knowledge, insufficient “to raise triable issues of fact as to a continuing controversy.”
Joel Wertman, a partner with WSS’s Philadelphia office, was lead counsel and handled oral argument. Mr. Truitt and Mr. Fogle collaborated with Mr. Wertman on briefing.
