Who Is a Fiduciary?
In the end, the insured could not show the existence of a fiduciary
relationship by alleging simply that it relied on or “trusted in” the assurances and expertise of the broker-defendants. To rule otherwise would threaten to interject the law of fiduciary duty into a wide range of ordinary commercial relationships generally understood to be governed by the norms of the marketplace, not the scrupulous concerns of equity for persons in special relationships of trust and confidence.
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