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James J. Flanagan Shipping Corp. v. Del Monte Fresh Produce N.A. Inc.

James J. Flanagan Shipping Corp. appeals the trial court's rendition of a take-nothing judgment on its claims against Del Monte Fresh Produce N.A. Inc. The duty allegedly breached in this case — the fiduciary duty owed by an agent to his principal — did not arise from the contract. The duty breached existed independent of its contract with Del Monte. Accordingly, the economic loss rule does not apply. The trial court's judgment is reversed and rendered. Houston's 1st Court of Appeals, No. 01-11-00525-CV, 12-06-2012.

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OPINION

James J. Flanagan Shipping Corporation appeals the trial court’s rendition of a take nothing judgment on its claims against Del Monte Fresh Produce N.A., Inc. Flanagan sued Del Monte and other defendants for breach of fiduciary duty, knowing participation in a breach of fiduciary duty, conspiracy, conversion, unjust enrichment, unfair competition, and accessing proprietary and confidential business information. After settling with the other defendants, Flanagan tried its claims against Del Monte to the bench. The trial court concluded Flanagan’s claims were "well founded" and its findings were favorable to Flanagan. But, after concluding that the economic loss rule and a settlement credit applied to bar Flanagan’s recovery, the trial court rendered a take nothing judgment on all of Flanagan’s claims against Del Monte. On appeal, Flanagan contends the trial court erred by applying the economic loss rule and by finding that its award of exemplary damages should be reduced based on a settlement credit. We reverse and render judgment for Flanagan.

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