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Copeland v. Wasserstein

Although nonfeasance in the performance of an obligation creates a cause of action that prescribes in 10 years, misfeasance in the performance of a contract for professional services, such as those provided by a lawyer, doctor, accountant or insurance agent, gives rise to a claim in tort, which prescribes in one year.

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Appeals from the United States District Court For the Eastern District of Louisiana

This Louisiana diversity case arises out of a food-business merger gone sour. Plaintiff-Appellant/Cross-Appellee Al Copeland owned the controlling interest in companies that sought to acquire a chain of restaurants and retained Defendant-Appellee/Cross-Appellant Wasserstein, Perella, & Co. (“Wasserstein”) to provide financial advice regarding the deal. After the corporation that resulted from the merger was forced into bankruptcy by creditors, Copeland sued his investment banker, settled that lawsuit, and then sued Wasserstein and one of its executive employees, Defendant-Appellee/Cross-Appellant Charles Ward. Copeland appeals from the district court’s dismissal of his claims against Wasserstein and Ward, and they cross-appeal from the district court’s denial of their motion for sanctions. We affirm the district court’s dismissal of Copeland’s claims; we reverse the court’s denial of Wasserstein and Ward’s motion for sanctions and remand for further proceedings consistent with this opinion.

I. FACTS AND PROCEEDINGS

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