Court: No review in estate dispute |
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Published
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Sat, 01 Sep 2007 00:10
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AUSTIN (AP) - The Texas Supreme Court on Friday declined to take up a $71 million judgment involving a Houston law firm and Wells Fargo Bank, N.A., in a conflict-of-interest dispute over an executive's estate.A Texas appellate court in February overturned a 2005 judgment ordering Houston law firm Baker Botts LLP and Wells Fargo to pay $65.5 million of Floyd Cailloux's estate and $5.5 million in interest to his widow, Kathleen Cailloux.A jury found Baker Botts didn't disclose it was representing Wells Fargo and a bank-controlled foundation when it advised Kathleen Cailloux, who was later diagnosed with Alzheimer's disease, to transfer $65.5 million from her husband's estate to the foundation.Her son sued in 2002, saying the bank and lawyers committed fraud in the estate planning process by increasing funding to the bank-controlled charitable foundation to the detriment of his mother and family.But the Texas Fourth Court of Appeals ruled that there was no evidence Kathleen Cailloux would have taken a different course had the law firm not represented her and the bank.Floyd Cailloux, the retired chairman of valve manufacturer Keystone International Inc., had designated various charitable organizations to receive $65.5 million of his estimated $130 million estate before his death in 1997.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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