CARGILL, INC. v. JWH SPEC. CIRCUMSTANCE LLC

Civ. A. No. 3234-VCP.

959 A.2d 1096 (2008)

CARGILL, INCORPORATED, a Delaware corporation, and Cargill Investor Services, Inc., a Delaware corporation, Plaintiffs/Counterclaim Defendants, v. JWH SPECIAL CIRCUMSTANCE LLC, a Delaware limited liability company, Defendant/Counterclaim Plaintiff.

Court of Chancery of Delaware.

Decided: November 7, 2008.


Attorney(s) appearing for the Case

Daniel B. Rath, Esquire, Rebecca L. Butcher, Esquire, James S. Green, Jr., Esquire, Landis Rath & Cobb, LLP, Wilmington, DE; Jerome A. Miranowski, Esquire, Michael M. Krauss, Esquire, Faegre & Benson, LLP, Minneapolis, MN, for Plaintiffs/Counterclaim Defendants Cargill, Incorporated and Cargill Investor Services, Inc.

Todd C. Schiltz, Esquire, Wolf Block, LLP, Wilmington, DE; William Z. Pentelovitch, Esquire, Wayne S. Moskowitz, Esquire, Julian C. Zebot, Esquire, Maslon Edelman Borman & Brand, LLP, Minneapolis, MN, for Defendant/Counterclaim Plaintiff JWH Special Circumstance LLC.


OPINION

PARSONS, Vice Chancellor.

This is an action by a representative of a Delaware statutory trust, which suffered significant losses as a result of a transfer of certain of its assets to the Refco Group shortly before Refco's collapse in late 2005, against the parent and grandparent entities of the trust's managing owner. The trust's representative claims the managing owner violated its fiduciary duties to the trust, and that the managing owner's parent...

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