Fox’s Adam G. Silverstein Secures $3M Award In Breach of Fiduciary Duty and Usurpation of Corporate Opportunity CaseDecember 23, 2015 – Press Releases
Fox Rothschild LLP Partner Adam G. Silverstein recently won a $3 million victory for Peter Ciampa in a breach of fiduciary duty and usurpation of corporate opportunity case. The trial courts verdict and award of damages to Ciampa was upheld by the Pennsylvania Superior Court on December 8, 2015.
Ciampa and the defendants owned a computer consulting company, Conversion Sciences, Inc., specializing in SAP conversion. After differences arose among CSI’s shareholders, the defendants, constituting 50 percent ownership, left and formed Annance Consulting, Inc. Soon after, Annance began to solicit CSI's customers for work opportunities.
On behalf of Ciampa, Fox filed a complaint asserting various theories of recovery, including breach of fiduciary duty, usurpation of corporate opportunities and tortious interference with contractual relations.
After an initial ruling in favor of Ciampa, the appointment of a Receiver for CSI and Annance and multiple interlocutory appeals on behalf of the defendants, the Delaware County Court of Common Pleas entered a final judgment in favor of Ciampa in the amount of $2,923,058.34, which included in excess of $600,000 in discretionary pre-judgement interest. The court also adjudicated defendants in contempt of court and ordered the defendants to pay a substantial portion of attorney fees incurred by Ciampa. The Pennsylvania Superior Court rejected Defendants arguments on appeal and affirmed the full amount of damages awarded to Ciampa.
A leader at Fox, Silverstein has served as managing partner of the firm's Warrington office and a member of the firm's Executive Committee. Silverstein is the Chair of the firm's Probate Litigation Group, and represents corporate and individual fiduciaries in estate and fiduciary litigation matters throughout Pennsylvania.
Emma M. Kline, Esquire provided substantial contributions to Silverstein in securing the Superior Court affirmance.