Question: The Vancouver Group is made up of five investors Pietz
The Vancouver Group is made up of five investors, Pietz, Wynne, Fordham, Indermuehle, and Smith. The group entered into a partnership with Robert Berry for the joint purchase of the Sundance Hotel and Casino. The group and Berry made an offer to purchase the hotel. Pietz agreed to supply $500,000 to the deal and post a $285,000 letter of credit. How- ever, after receiving information that caused him to doubt Berry, Pietz withdrew his interests from the partnership. Berry threatened to sue Pietz for breach of contract, fraud, and tortious breach of the covenant of good faith. Pietz and Berry settled, and Pietz subsequently sued the Vancouver Group for the cost of the settlement. The trial court rejected Pietz's claim of breach of fiduciary duty. He appealed the decision. How do you think the court decided? Was there a breach of fiduciary duty?
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