Question: After the dissolution of a partnership formed to develop the
After the dissolution of a partnership formed to develop the Four Seasons Resort, TSA International Limited brought an action against Shimizu Corporation alleging breach of fiduciary duty. TSA had approached Shimizu in 1986 with plans for developing the hotel. The two companies formed a partnership, and they began to make plans for several golf and hotel developments. The loans TSA and Shimizu had taken out soon became delinquent. The partners met to negotiate the payment of the hotel and golf course loans. At the request of Shimizu, the agreements were drafted in Japanese. TSA subsequently filed a complaint asserting, among other things, breach of fiduciary duty. When reaching the agreements, Shimizu had discouraged TSA from hiring its own accountants or legal counsel because of "the long-term relationship of trust between Shimizu and TSA." TSA also alleged that Shimizu arranged the agreement so that substantial tax advantages would be obtained. The circuit court found in favor of Shimizu. How do you think the case was decided on appeal? Did Shimizu breach its fiduciary duty?
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