Murayama 1997 Trust v. NISC Holdings, LLC

by
The Jared and Donna Murayama 1997 Trust sought damages arising from a settlement agreement between the Trust, its trustee Jared Murayama, and two of the defendants, NISC Holdings, LLC and Omen LLC, which transaction included NISC's repurchase of the Trust's voting stock in NISC (the "settlement agreement"). The Trust claimed it was damaged from selling the stock to NISC for substantially less than its fair market value as a result of the Trust's reliance on fraudulent omissions and misrepresentations of Defendants. The circuit court found that the Trust's allegations established that, as a matter of law, the Trust did not reasonably rely upon Defendants' alleged fraudulent omissions and misrepresentations regarding the value of the NISC stock at the time of the settlement. The Supreme Court affirmed the circuit court's judgment sustaining Defendants' demurrer, holding that the circuit court did not err in its judgment based upon both the language of the settlement agreement and the allegations regarding the adversarial relationship between Murayama and the defendants that precipitated the settlement. View "Murayama 1997 Trust v. NISC Holdings, LLC" on Justia Law