Christopher R. O'Hara and Ian J. Pinta of Todd & Weld LLP successfully represented J.M. Electrical Co., Inc., a specialized electrical and commercial contractor, in a claim of breach of fiduciary duty against its former CEO and CFO.
On March 13, 2014, after a 4-day trial, a 14-member Essex County jury in Lawrence Superior Court returned a verdict in favor of Plaintiff J.M. Electrical against its former Chief Executive Officer and Chief Financial Officer, Robert Crespi, on a claim of breach of fiduciary duty. The jury found that Mr. Crespi breached his fiduciary duty to the company by causing it to make unauthorized payments to him personally for his personal taxes on fringe benefits over an eight-year period from 2004 through 2011 and awarded J.M. Electrical over $551,000 in damages. On March 14, 2014, the Court added statutory interest of more than $106,000 to the verdict for a judgment of $658,123.74.
During the trial, the Court also granted J.M. Electrical's motion for directed verdict dismissing the Defendant's counterclaim, which alleged that the company owed the Defendant the unpaid balance on a loan totaling approximately $77,000.
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