Soon after Teresa DeYoungs husband died, her mother-in-law also died, leaving an inheritance of more than $400,000
Question:
Soon after Teresa DeYoung’s husband died, her mother-in-law also died, leaving an inheritance of more than $400,000 for DeYoung’s children. DeYoung hired John Ruggiero, an attorney, to ensure that her children would receive it. Ruggiero advised her to invest the funds in his real estate business. She declined. A few months later, $300,000 of the inheritance was sent to Ruggiero. Without telling DeYoung, he deposited the $300,000 in his account and began to use the funds in his real estate business. Nine months later, $109,000 of the inheritance was sent to Ruggiero. He paid this to DeYoung. She asked about the remaining amount. Ruggiero lied to hide his theft. Unable to access these funds, DeYoung’s children changed their college plans to attend less expensive institutions. Nearly three years later, DeYoung learned the truth. Can she bring a suit against Ruggiero? If so, on what ground? If not, why not? Did Ruggiero violate any standard of professional ethics? Discuss. [DeYoung v. Ruggiero, 185 Vt. 267, 971 A.2d 627 (2009)] (See Potential Liability to Clients.)
Step by Step Answer:
Business Law Text And Cases
ISBN: 9780357129630
15th Edition
Authors: Kenneth W. Clarkson, Roger LeRoy Miller