Dumont Reversed

It's the latest ruling in a series of New York decisions on trustee liability for improper retention of concentrated stock positions known, collectively, as the Kodak-IBM cases: On Feb. 3, an appellate court reversed the famous Dumont ruling that had awarded more than $24 million against JP Morgan Chase for holding onto Kodak stock.1 Unanimously, a five-judge panel of the Appellate Division of New

It's the latest ruling in a series of New York decisions on trustee liability for improper retention of concentrated stock positions — known, collectively, as the Kodak-IBM cases: On Feb. 3, an appellate court reversed the famous Dumont ruling that had awarded more than $24 million against JP Morgan Chase for holding onto Kodak stock.1

Unanimously, a five-judge panel of the Appellate Division of New York's Supreme Court held that the Surrogate's Court had erred in de

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