Huff v. Longview Energy Co.
Longview Energy Company filed a complaint against William Huff, Richard D'Angelo, and Riley-Huff Energy Group as a result of a breach of fiduciary duty committed by Huff and D'Angelo in connection with their usurpation of a corporate opportunity. The corporate opportunity belonging to Longview related to property interests in a large area of land in south Texas called Eagle Ford. A Texas court entered a judgment against Defendants and imposed a constructive trust in favor of Longview on the profits and ownership of Riley-Huff's interests in Eagle Ford and a damage award against Huff and D'Angelo. Huff and D'Angelo appealed and sought indemnification from Longview, a Delaware corporation they served on as directors. The Court of Chancery granted Longview's motion to dismiss the complaint because it did not state a ripe claim. View "Huff v. Longview Energy Co." on Justia Law