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Court dismissed the Federal claims and declined to exercise
pendent jurisdiction over the State claims.
On October 20, 1999, petitioner filed a first amended
complaint against RHB, Mr. Rice, and Mr. Heard with the Superior
Court Division in Norfolk County, Massachusetts, alleging: (1)
Breach of contract--termination for refusal to breach duty to
trust beneficiaries; (2) breach of contract--violation of 60-day
notice of termination provisions; (3) breach of contract--breach
of covenant of good faith and fair dealing; (4) wrongful
termination in violation of public policy; (5) intentional
interference with advantageous relationships; and (6) defamation.
In December 2002, the case was settled, RHB agreed to pay
petitioner $1,500,000, and all claims and counterclaims were
dismissed with prejudice.
Petitioners filed a joint Federal income tax return for
2001. Petitioners reported wages of $218,453, of which $217,549
represented petitioner’s salary from FDC. On an attached
Schedule C, Profit or Loss From Business, petitioners reported
gross income of $173,211, total expenses of $257,753, and a net
loss of $84,542. The gross income represented trustee’s fees
petitioner received while working at FDC. Because petitioner
remitted those payments to FDC, he also included the remittances
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