11th Circuit Holds Prime Broker Does Not Owe Fiduciary Duty to Investor | Practical Law

11th Circuit Holds Prime Broker Does Not Owe Fiduciary Duty to Investor | Practical Law

An update on the 11th Circuit Court of Appeals' decision in SFM Holdings, Ltd. v. Banc of America Securities, LLC, holding that a prime broker did not owe a fiduciary duty to an investor pursuant to the terms of the prime brokerage agreement between the parties.

11th Circuit Holds Prime Broker Does Not Owe Fiduciary Duty to Investor

Practical Law Legal Update 7-501-7191 (Approx. 3 pages)

11th Circuit Holds Prime Broker Does Not Owe Fiduciary Duty to Investor

by PLC Finance
Published on 30 Mar 2010USA (National/Federal)
An update on the 11th Circuit Court of Appeals' decision in SFM Holdings, Ltd. v. Banc of America Securities, LLC, holding that a prime broker did not owe a fiduciary duty to an investor pursuant to the terms of the prime brokerage agreement between the parties.