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Decision of Note: <b>Legends President Owes SC Corp. No Fiduciary Duty</b>
The Supreme Court of South Carolina ruled that the president of the Nevada-based Legends In Concert owed no fiduciary duty to a corporation formed by an entrepreneur to raise the capital needed to produce a Legends musical in Myrtle Beach. Pittman v. Grand Strand Entertainment Inc., 25969.
Plaintiff Ben Pittman formed Grand Strand to mount a public stock offering. Grand Strand then entered into a licensing agreement with Legends In Concert but never made the stock offering or raised funds cited in the licensing agreement. After Legends president John Stuart terminated the agreement, an arbitrator ruled in favor of Legends. Pittman then proceeded with a suit against Stuart himself.
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