Independent Trust Corp. v. Stewart Information Services Corp.

Dist. Ct. did not err in dismissing as time-barred plaintiff's lawsuit alleging unjust enrichment, aiding and abetting breach of fiduciary duty and conspiracy arising out of defendant's alleged conduct in pressuring third-parties/corporate directors to repay missing escrow funds that had been guaranteed by defendant where third-parties had wrongfully transferred $40.9 million from another entity to which plaintiff had been appointed receiver. Applicable 5-year limitations period had expired by time plaintiff had filed instant lawsuit, and doctrine of adverse domination, which potentially tolls limitation period in causes of action involving wrongdoing corporate directors, as well as their co-conspirators, did not apply in instant case where plaintiff had failed to allege that defendant conspired with third-parties to commit instant wrongful transfers. Fact that defendant had pressured third-parties to repay missing escrow funds, by itself, was insufficient to establish conspiracy in absence of allegation of agreement between defendant and third-parties to use funds from plaintiff's entity to replace missing escrow funds.