An insurance salesman who provided some initial financial advice to clients may have established a confidential relationship that created fiduciary duty on behalf of the salesman, the state Superior Court has ruled.
Weighing in on an undeveloped area of the law, a split three-judge panel of the court reversed and remanded a trial court’s ruling that a couple could not establish a fiduciary relationship against a man who sold them an underfunded life insurance policy. The majority in Yenchi v. Ameriprise Financial asked the lower court to further examine the relationship between the parties.
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