Thompson v. UBS Fin. Servs.

Here the Court of Appeals decided whether to overrule Allied Inv. Corp. v. Jasen, in which the Court held that a defendant does not convert a plaintiff’s intangible property where the defendant does not convert a document that embodies the plaintiff’s right to the plaintiff’s intangible property. In this case involving a life insurance policy a jury found Defendant, an insurance broker, liable for negligence, negligent misrepresentation, deceit, conversion, and constructive fraud. The Court of Special Appeals reversed and remanded, holding that Plaintiffs failed to establish claims for conversion and constructive fraud. Plaintiffs appealed, urging the Court of Appeals to overrule Jasen and arguing that a defendant converts a plaintiff’s intangible property by interfering with the plaintiff’s right to the the intangible property, even if the defendant does not convert a document that embodies the plaintiff’s right to the plaintiff’s intangible property. The Court of Appeals affirmed, holding that the circuit court erred in denying Defendant’s motion for judgment notwithstanding the verdict as to conversion, as Defendant did not convert the life insurance policy, and as to constructive fraud, as Plaintiffs failed to establish that the parties were in a confidential relationship. View "Thompson v. UBS Fin. Servs." on Justia Law