Cary McNair faces accusations of breaching fiduciary duties and conspiracy over undisclosed executive agreements in family trusts.
In a recent legal development, a contentious lawsuit involving Cary McNair, prominent figures within McNair Interests , and Palmetto Trust Company has emerged. Filed in Harris County Probate Court, the lawsuit centers on allegations of fiduciary duty breaches, fraudulent concealment, and civil conspiracy, as outlined by plaintiffs Palmetto Trust Company and McNair Interests GP LLC.
These agreements allegedly granted significant benefits to executives in the event of McNair's removal from managerial positions, without proper disclosure to the board of Palmetto Trust Company.The plaintiffs' case is built on several legal claims, including:Represented by Vinson & Elkins L.L.P., the McNair trust seeks damages, declaratory judgments, and legal costs.
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