Firm Secures Victory for Former President of Global Fuel Company
Patterson Belknap secured a victory for our client, a former officer of Aegean Marine Petroleum Network Inc., when Judge Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York dismissed claims that our client and three former members of the company’s board of directors breached their fiduciary duties to the company by failing to properly monitor and thereby uncover the fraudulent activities of the company’s former CEO. Aegean Marine Petroleum Network Inc. was once the world’s top independent fuel supplier. The lawsuit, filed by Aegean’s bankruptcy trustee after an alleged fraudulent scheme by the company’s former CEO drove the company to insolvency, claimed that the defendants breached their fiduciary duties of care, good faith, and loyalty. Judge Buchwald dismissed the trustee’s complaint in full and with prejudice for failure to state a claim.
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