Appraisal Firm Not Liable for Professional Malpractice; ESOP Trustee Must Prove Justified Reliance

Business Valuation UpdateVol. 6 No. 9
Legal and Court Case Update
September 2000

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malpractice (appraisal)
breach of fiduciary duty, employee stock ownership plan (ESOP), adequate consideration, erisa
Bank One Arizona v. Benchmark Valuation Consultants
Maricopa County No. CV 1994-14352
October 25, 1999
US
State Court
Arizona
Superior Court
Kalish

Summary

This trial court matter arose as a result of prior litigation in which the trustee of the Kroy ESOP was found liable for breach of its fiduciary duty.

See Also

Bank One Arizona v. Benchmark Valuation Consultants

Full Text of Court Cases
October 25, 1999

At issue is the claim of professional malpractice.