Th is suit w as f il e d in th e 53r d Dis tr ic t Co ur t o f Tr av is Co un ty

an d is sty

le d El Pa s o Ele ct r ic C

o m p a n y v . 1 F ir s t S er vi ce L if e I n s u ra n ce C

o m p a n y, et a l. ( c au s e numb e r 4 5 1 ,4 9 7 )

. I t w as re f e r r e dtoin the p r o c e e d ings b e lo w as “ C au s e N o . 4 5 1 ,4 9 7 .” CO UR T OF A P P E A LS E I G H T H D I S T R I C T O F T E X AS E L P AS O , T E X AS

J O S E FI N A M AE S E N E V ARE Z and R U D O L F O M A ESE, A pp el l an t s,
v. H ERB EH RL IC H , A S TR U STEE , A p p e l l e e . §

§ § § § § No
. 08

- 06

- 00 33 3- CV

A p p e a l f r om C o un t y C o urt a t L aw N o . 3
o f E l Pas o Co un

t y , T ex as (T C # 2003-3156)

O P I N I O N J o s e f i n a M a e s e N e v ar e z an d

R u d o lfo M a e s e a

p p e a l fr o m a

s u mma ry ju d g me n

t g r an t e d in fa v o ro f H e r

b E h r lic h , T ru s t e e . F o rt h e r e a s o n s t h a t fo llo w , w e a ffir m.

F ACT UAL SUM M ARY A n u m b e r of p e op l e , i n c l u d i n g R ob e r to H or c a s i

ta s M a e s e , p ur c h a s e d

an n u i ty c on tr a c ts f r om F ir s t S e r v ic e L ife I n s u r an c e C o mp an y ( F ir s t S e r v ic e )

. W

h e n F ir s t S e r v ic e fa ile d , it w a s p la c e d in

r e c e iv e r s h ip o n

D e c e mb e r1 , 1 9 8 8
. P u r s u an t t o A r t ic le 2 1
. 2 8 o f t h e T e x a s I n s ur an c e C o d e , t h e t it le t o al l o f t h e pro pert y

o f F i rst Serv i ce, i

n cl udi n g ri gh t s o f act i o n , v es t ed i

n t h e recei

v er o n t h at dat e. S e ve r a l l aw s u i t s w e r e f i l e d by a g g r i e ve d

p ar t i e s s e e k i

ng d ama g e s . E l

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bo u g ht $70 m i l l i o n i n an n ui t i es f ro m F i rst Serv i ce, f

i l ed s ui t i n T rav i s Co un

t y agai n s t t h e rece i

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t t h at it h a d a v a lid , p e r fe c t e d an d e n fo r c e a b le s e c ur it y int e r e s t in

an d t o c e r t a in
co l l at era l

. F i

rst Serv i ce a l s o s o ugh

t repay men t f ro m M aury Kem p an d T ri an gl e El ect ri c o f a $12 1Th at s uit w as r e m o v e d to th e W e ste r n Distr ic t o f Texas, El Paso Div isio n an d w as s ty le d Ped ro Me ne se s, 2 et al. v. Mau r

y Pag e Kem

p, et al. , C iv il A c ti o n N o . EP
- 9 0

- C A

- 2 4 7 H
. I t w as r e f e r r e dto in the p r o c e e d ings b e lo w as “ the R I C O A c ti o n .” m i l l i o n l o an . O t h e r i

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t ant s , i nc l u d i ng J o r g e G o nz a l e z - Fe l i

x, In di v i dual l y an d as In depen den

t E x ecut o r o f t h e E s t at e o f Ro b ert o M aes e-Ho rcas i t as . A n o t h er gr o up
was r epr esen

t ed b y at t o r n ey Do ug l as Smi

t h

. E h r l i ch ’s an d S m

i t h ’s cl i en t s f i l ed sui t agai n st E l P aso E l ect ri c an d o t h er def

en dan t s . T h at s ui

t co n t ai n ed RICO al l egat i o n s an d i t was remo v ed t o f

ederal
c o u r t
. T he s u i

t s w e r e e ve nt u a l l

y r e s o l ve d by t hr e e s e t t l e me nt a g r e e me nt s . O n Ap r i l 1 4 , 1 9 9 3 , t he 2 53rd Di s t ri ct Co urt i

n co rpo rat ed an d appro v ed t h o s e t h ree s et t l em

en t agreem en t s i n an “ Order A p p r o v in g C o mp r o mis e o f C la ims ” file d in c a u s e n u mb e r 4 5 4 , 7 7 4 in t h e 5 3 r d D is t r ic t C o ur t in

T r av is Co un t y . T h e co ur t ’s o r der r ef

er r ed t o v ar i o us par t i es as f o l l o ws:

“ F i rst Serv i ce”

-- J o rge A
. Gut i err ez, P. C. as Speci al Deput y Re cei v er f o r F i rst Serv i ce L i f

e.

“ Credi t o r- Def en dan t s ”-- a gro up o f credi

t o rs o f F i rst Serv i ce wh o were o wn ers o f an n ui t i es an d h a d f i l e d a p r oo f

of c l a i m w i th th e r e c e i v e r , an d w h o w e r e r e p r e s e n

te d b y D ou g l a s S m

i th o rHerb er t E h

r l i ch , P
. C.

“ Cl ai man t s” -

- f o urper so n s wh o wer e cl ai man t s t o an n uit i es o f Ro b er t o Maese-H o r casi

t as, d e c e a s e d , an d

w h o w e re re p re s e n

t e d b y H e rb e rt Eh

rl i c h , P.C
.

“ No n -S et t l i

n g Credi t o r- Def en dan t s ”

-- J o s e San ch ez-So ri an o , A ppel l an t J o s eph i n a M aes eNev arez, M ari s a P. de Ol i v as , F ab i o l a M aes e de Cres po an d A ppel l an t Ro do l f o M a e s eN e var e z , a l l

o f w ho m a l l e g e d c l a i m s a g a i ns t E l P a s o E l e c t r i c i

n t he R I C O Ac t i o n. T he t r i a l c o u r t f o u nd t ha t t he c l a i

m s be i ng a s s e r t e d by t he C r e d i

t o r - D e f e nd ant s , t he C l a i

mant s , and t h e No n -S et t l i

n g Credi t o r- Def en dan t s agai n s t E l Pas o E l ect ri c Co m

pan y i n t h e RICO A ct i o n

aro s e, i f a t a l l , o u t o f

i nj u r i e s a l l e g e d l

y s u f f e r e d by Fi r s t S e r vi c e , and

s u c h c l a i m s w e r e t h e p r o p e r t y

and
as s et s o f F i rst Serv i ce. T h e t h

ree s eparat e s e t t l e men

t agreem en t s were at t ach ed t o t h e o rderas E xhi bi t A, E xhi bi t B , and E xhi

bi t C
. Wi t h r e s p e c t t o E xhi

bi t B , w hi c h i s a t i s s u e he r e , t he j u d g me ntF e d e ra l R u l e o f C i v i l P ro c e du re 4 1 ( a ) ( 1 ) p e rm i t s a p l a i nt i f f t o v o l u nt a ri l y

d i s m i s s a n a c t i o n w i t ho u t a c o u rt 3 or d e r w h e r e th e plai n ti f

f f il e s n o ti c e o f

dismissal b e f

o r e th e o ppo sin g par ty

s e r v e s e it h e r an an sw e r o r a m o ti o n f or summ ar y j udgm e n t o r w

h e r e th e plai n ti f

f fi l es a s t i pula ti o n o f

dismissal sign e d b y

all par ti e s w

h o h av e appe ar e d. F ED .R .C IV .P. 41(a)(1).

F e d e r al R u le o f C ivil P r o c e du r e 4 1 ( a) ( 2 ) p r o v id e s that, e x c e p t a s p e r mit te db y R u le 4 1 ( a) ( 1 ) , a n ac ti o n may 4 b e d is mis s e datthe p la intif f ’ s r e q u e s t o n ly b y c o u r t o r d e r o n te r ms the c o u r t c o n s id e r s p r o p e r . F ED .R .C IV .P. 41(a)(2). st at es: I t i s FU R T H E R O RD E RE D , AD JU D G E D AN D D E C RE E D t ha t t he S e t t l e me nt Ag r e e me nt be t w e e n E l

P a s o E l e c t r i c C o m

p any , t he C r e d i

t o r - D e f e nd ant s and

t he C l a i mant s , i n t he f o r m a t t a c he d he r e t o a s E xhi

bi t ‘B ’ i s a p p r o ve d , and

s ha l l be bi nd i ng u p o n E l P a s o E le c t r ic C o mp an y a n d t h e C r e d it o r - D e fe n d an

t s , t h e C la i m a n t s , t h e ir agent s, em

pl o yees, o f

f i cer s, r epr esen

t at i v es, successo r s an d assi gn s. U n d e rt h is s e t t le me n

t a g r e e me n

t , t h e C r e d it o r - D e fe n d an

t s an d C la ima n t s w o u l d d i s mis s t h e ir

s u it agai n s t E l Pas o E l ect ri c un der F ederal Rul e o f Ci v i l Pr o cedure 41(a)( 1). T h e o rder f urt h er pr o v i ded 3 t h at u p o n ap p r o v al o f t h e S et t l em ent A g r ee ment b y t h e B ankr u

p t cy Co u r t in E l P a s o E l ec t r i c’s p e n d i ng C ha p t e r1 1 p r o c e e d i

ng , t he S p e c i a l

D e p u t y R e c e i ve r , t he C r e d i

t o r - D e f e nd ant s , and

t he C l a i mant s w e r e t o f

i l e a mo t i o n i

n t he R I C O Ac t i o n a s s e r t i ng t ha t t he S p e c i a l

D e p u t y R e c e i ve ro w ns t h e cl ai m s o f t h e No n -S et t l i

n g Credi t o r- Def en dan t s agai n s t E l P a s o E l ect ri c an d reques t di s m i s s al p u rs u an t t o F e d e ra l

R u l e o f C i v i l Pr o c e d ure 4 1 (a )(2 ). 4 I n t he s e t t l e me nt a g r e e me nt r e f e rr e d t o a s E xhi

bi t B , E l P a s o E l e c t r i c ma d e t h e fo l l o w i ng
a g r e e me n t: E P E w ill v ig o r o u s ly an d in g o o d fa it h p r o s e c u t e t o c o n c lu s io n , b y fin a l n o n - a p p e a la b le or d e ror , i n i ts s ol e d i s c r e ti on , b y a s e ttl e me n t, th e c l a i m i t h a s a s s e r te d

p ur s u an t to T ex . Ci v . Pr ac.& Re m . Co de § 105. 001 et
. s eq. i n Ca us e No
. 451, 497 (t h e ‘ E PE § 105 C l a i m ’ ) a t i ts ow n e x p e n s e . If a n d wh e n E P E mak e s an y r e c ov e ry , p ur s u an

t to i ts E P E § 1 05 Cl ai

m , E P E wi l l

r et ai n , an d wi l l b e en

t i t l ed t o r et ai

n , o n e- t h i r d o f t h e gr o ss am ou n t of s u c h r e c ov e r y , an d

w i l l p ay th e r e ma i n i n g tw o- th i

r d s to atr u s t a c c oun

t f or th e b e n e f i t of th e C r e d i tor
- D e f e n d an ts an d th e C l a i man ts , n am i n g D ou g l a s C
. S m

i th an d Herb ert E h

rl i ch , as t rust ees . T h e t r us t ees s h al l di s b urse s uch

t rust f un ds as f ol l ow s : f i r s t, to r e i m b u r s e th e C r e d i

tor
- D e f e n d an ts an d th e C l a i man ts f or a l l c os ts and e xp e ns e s p a i d

o ra dvanc e d

by t he m i n p ur s u i t o f t he i r c l a i m s i n t he R I C O Ac t i o n, t h e R e c e i v e rs h i p Pr o c e e d i

n g an d C a u s e N o . 4 5 1 ,4 9 7 ; an d

t h e re a f t e r, t o a l l

the hol der s of

appr oved annu it y cl aim s pr o r ata i n pr opor ti on t o th e or iginalam ount o f thei r appr ov e d c l aim s in the R e c e ive r s hip P r oc e e ding . Th e C re d i t o rD e fe n d an t s an d t h e C la ima

n t s a c kn o w le d g e an d a g r e e t h a t , if t h e E P E § 1 0 5 C la im i s den i ed b y

a f i n al n o n -appeal ab l e o rdero f

a co urt , t h en

n o s um s h al l b e pai d t o t h em p u rs u an t t o t h i s p ara g ra

p h , an d EPE s h a l l h av e n o f urt h e r o b l i g a t i o n t o t h e C re d i t o rD e f e n d an t s o r t h e C l a i

man t s . [Em p h a s i s a d d e d ]. E l P a s o E l e c tr i c e v e n

tu a l l y r e c ov e r e d

f un d s u n der t h e “ E P E § 1 0 5 C l a i m ” an d i t p a i d tw ot h i rds o f t h at am o un t t o Do ugl as Sm

i t h an d Herb ert E h

rl i ch as o rd e r e d. E h

rl i ch recei v ed

a p p r o xi ma t e l y $ 1
. 1 6 7 milli o n. S m

i t h and E hr l i c h a c c o unt e d

f o re xp e ns e s and

p a i d t he r e ma i

ni ng
s u m s t o t h e i

r re s p e c t i v e c l i e n t s . Eh rl i c h p a i d a

p p rox i ma t e l y $ 8 0 0 ,1 0 0 t o h i s c l i e n

t s . N o mo n i e s w e re pai d t o t h e No n - S et t l i

n g Cr edit o r - Def

en dant s. Ap p e l l ant s l a t e rl e ar ne d o f t he d i s bu r s a l by E hr l i c h and f i l e d s u i t a g a i ns t hi m a s s e r t i ng t ha t he br e a c he d hi s f i d u c i ar y d u t y t o t he m . E hr l i c h f

i l e d a mo t i o n f

o r s u m mary j u d g me nt a l l e g i

ng t ha t he di d n o t o we A

ppel l an t s a f i duci ary dut y b eca us e h e di d n o t repr es en

t t h em i n t h e pri o r sui

t an d t h ey h a d re f u s e d t o p art i c i p a t e i n t h e s e t t l e me n

t a g re e me n

t
. A p p e l l an t s a l s o f i l e d a mo t i o n f o r s u m mary ju d g me n t o n t h e ir c la im. T h e t r ia l c

S o U u M r t M g ra A n R te Y d s J u U m D m G a M ry E ju N dg T me n t i n f av o r of Eh rl i c h

. In a s i n gl e i s s ue, A

ppel l an t s co n t en d t h at t h e t ri al

co urt i n co rr ect l y det erm i n ed t h at E h

rl i ch d i d no t o w e t he m

a f i d u c i ar y d u t y . P o i nt i ng o u t t ha t Ap p e l l ant s w e r e no t p ar t i e s t o t he s e t t l e me nt
a g r e e me nt , E hr l i c h c o u nt e r s t ha t Ap p e l l ant s ’ i nt e r p r e t a t i o n f

a i l s t o g i ve e f f e c t t o t he e nt i

r e a g r e e me nt
an d l eads t o t h e ab s urd r es ul t t h at t h e n o n -set t l i

n g an n ui t y h o l ders were put i

n a b et t er po s i

t i o n t h an t h e set t l i n g an n uit y h o l der s. Standard of R evie w T h e s t an dard o f rev i ew f

o r t radi t i o n al s um

mary j udgmen

t i s well es t ab l i s h ed. Nixo n v. M

r. P roper ty Management C

o. , Inc. , 6 9 0 S
. W. 2 d

5 4 6 , 5 4 8 ( T e x. 1 9 8 5 )

. T he mo vi ng p ar t y c arr i e s t he b urden o f s h o wi n g t h ere i s n o gen

ui n e i s s ue o f

mat eri al f act an d i t i s en t i t l ed t o j udgmen

t as a m at t er
o f l aw . B row

ning v. Pros tok , 1 6 5 S
. W
. 3 d 3 3 6 , 3 4 4 ( T e x. 2 0 0 5 ) ; Dur an v. F ur r ’s Super mar kets, Inc. ,9 2 1 S
. W. 2 d 7 7 8 , 7 8 4 ( T e x. Ap p . - - E l

P a s o 1 9 9 6 , w r i

t d e ni e d )

. E vi d e nc e f

avo r a bl e t o t he no n- mo vant
w i l l b e tak e n a s tr u e i n d e c i d i n g w h e th e rth e r e i s a

d i s p u te d i s s u e of ma te r i a l f a c t. F or t W or th Osteo pa th ic H osp. , I nc. v. R eese , 1 4 8 S
. W
. 3 d

9 4 , 9 9 ( T e x. 2 0 0 4 ) ; Dur

an , 9 2 1 S
. W
. 2 d a t 7 8 4
. A ll
re a s o n a b l e i n f e re n c e s , i n c l u d i n g an y d o u b t s , m u s t b e r eso l v e d

i n f av o r of t h e n o n -m

o v an t
. Id .; Dur an , 9 2 1 S
. W. 2 d

a t 7 8 4
. A mo v an

t w h o c o n c lu s ive ly n e g a t e s a t le a s t o n e e s s e n t ia l e le me n

t o f a
c a u s e o f a c t io n is e n

t it le d t o s u mma

ry ju d g me n

t o n t h a t c l a im. Southw es ter n E lectr ic Pow

er Com pany v. Gr

ant , 7 3 S
. W
. 3 d

2 1 1 , 2 1 5 ( T e x . 2 0 0 2 )

. W h e r e th e tr i a l

c our t’ s j u d g me n

t d oe s n ot
s p e c ify t h e g r o u n d o r g r o u n d s r e lie d u p o n fo rit s ru lin g , t h e s u mma

ry ju d g me n

t mu s t b e a ffir me d

if

an y o f t h e t h e o ri e s a dv an c e d

i s me ri t o ri o u s . Car

r v. B r as her , 7 7 6 S.W .2 d 5 6 7 , 5 6 9 (Te x . 1 9 8 9 ); Ga rc ia v . E l Pas o Lt

d. Par tne r

s hip , 2 0 3 S.W .3 d

4 3 2 , 4 3 5 (Te x .A

p p .--El Pa s o 2 0 0 6 , n o p e t .). C on s truc tio n o

f Se ttl e me nt Ag

re e me nts S e t t le me n t a g r e e me n

t s ar e c o n t r o lle d b y r u le s o f in t e r p r e t a t io n an d c o n s t ru c t io n a p p lic a b le t o c o n t ra c t s . Steve ns v. Snyder , 8 7 4 S
. W. 2 d 2 4 1 , 2 4 3 ( T e x. Ap p . - - D a l l a s 1 9 9 4 , w r i t d e ni e d )

. T he i n t e rp re t a t i o n

o f an u n am b i g u o u s c o n

t ra c t i s a qu e s t i o n o f l aw . MCI T

elec ommunications Cor

p. v. Texas Utiliti es E lectr ic C

o. , 9 9 5 S
. W
. 2 d

6 4 7 , 6 5 0

- 5 1 ( T e x . 1 9 9 9 )

. I n c on s tr u i n g a w r i tte n c on tr a c t, th e c our t’ s p r i

mar y c on c e r n i s to a s c e r ta i n th e p ar ti e s ’ tr

u e i n te n ti on s a s e x

p r e s s e d i n th e i n s tr u me n t. F orbau v. A etna Lif

e Ins. Co. , 8 7 6 S
. W
. 2 d

1 3 2 , 1 3 3 ( T e x. 1 9 9 4 ) ; Cok er v. Coke r , 650 S. W
. 2d 391, 3 9 3 ( T e x. 1 9 8 3 )

. T o a c hi e ve t hi s o bj e c t i ve , c o ur t s s ho u l d e xam

i ne and c o ns i d e r t he e nt i

r e w r i t i ng i n an e f f o r t t o har mo niz e and

g i ve e f f e c t t o a l l t he p r o vi s i o ns o f

t he c o n t r a c t s o t ha t no ne w i l l be
re n d e re d me an i n g l e s s . Cok

er , 650 S. W
. 2d at 393. No s i n gl e pro v i s i o n

t aken al o n e wi l l

b e gi v en
c o n t r o lli n g e ffe c t ; r a t h e r , a ll t h e p r o v i s io n s mu s t b e c o n s id e r e d w it h r e fe r e n c e t o t h e w h o le i n s t rume n t
. Id

. In h armo n izi

n g t h es e pro v i s i o n s , t erm s s t at ed earl i er i n an agreem

en t m us t b e f av o red
o v e r s u b s e qu e n t t e rm s . Id

.I f

t he w r i t t e n i ns t ru me nt i s w o r d e d

s o t ha t i t c an be g i

ve n a c e r t a i n o rd e f i ni t e l e g a l me ani ng
o r i n t erpr et at i o n , t h en

i t i s n o t am

b i guo us an d t h e co urt wi l l co n s t rue t h e co n

t ract as a m

at t er o f l aw. Id

. H o w e v e r , a c o n

t r a c t is amb ig u o u s w h e n it s me an in g is un c e r t a in an d d o u b t fu l o r it is r e a s o n a

b ly
s u s c e p t i b l e t o mo re t h an

o n e me an i

n g . Id

. a t 3 9 3

- 9 4
. N ot e v e ry d i f f e r e n c e i n th e i n te r p r e ta ti on of

a c o n t ra c t amo u n

t s t o an am b i g u i t y . F orbau , 8 7 6 S
. W. 2 d

a t 1 3 4
. M e r e d i s a g r e e me nt o ve rt he

me ani n g o f

a p rov i s i o n i n t h e c o n t ra c t d o e s n o t mak e t h e t e rm s am b i g u o u s . Rich ar

ds on Lif es ty le A s s ociation v. Houston , 853 S. W
. 2d 796, 800 (T ex . A pp. -- Dall as 1993, w rit den i ed). L i kewi s e,
un cert ai n t y o r l ack o f cl ari t y i n t h e l an guage c h o s en

b y t h e part i es i s i

n s uf f i ci en t t o ren der a co n

t ract
am b i gu o us. Pres ton R idge F in. Ser vs . Cor p. v. T yler , 796 S. W
. 2d 772, 777 (T ex . A pp. -- Dall as 1990,

w r i t d e ni e d )

. Whe t he r a c o nt r a c t i s am bi g u o u s i s a qu e s t i o n o f l aw f o r t he c o ur t t o d e c i d e by

l o o k i ng at t h e co n

t ract as a who l e i

n l i gh t o f t h e ci rcum s t an ces prese n

t wh en t h e co n t ract was en

t ered. Cok er , 6 5 0 S
. W
. 2 d

a t 3 9 4
. W

h e n a c on tr a c t c on ta i n s an am b i g u i ty , t h e gr an

ti n g of a moti on f or
s u m mary j u d g me n

t i s i m p rope r b e c a

u s e t h e i n t e rp re t a t i o n o f t h e i

n s t rume n t b e c o me s a

f a c t i s s u e . Id

. T h e s e t t le me n

t a g r e e d p r o v id e d t h a t E l P a s o E le c t r ic w a s t o p ay t w o - t h ir d s o f t h e r e c o v e r y, i f an y , “ t o a t rust acc o un

t f o r t h e b en ef

i t o f t h e C redi

t o r- Def en dan t s an d t h e C l ai

man t s , n a m i ng Do ugl as C. Smi

t h an d Herb ert E h

rl i ch , as t rust ees . ” A

ppel l an t s argue t h at t h e f

o l l o wi n g s en t en ce
c r e a te s a tru s t an d

e s ta b l i s h e s th a t th e y

ar e b e n e f

i c i ar i e s b ec a

u s e i t r e f e r s to a l l th e h ol d e r s of app r o v ed ann

uit y cl ai m s: T he t ru s t e e s s ha l l d i s bu r s e s u c h t ru s t f und s a s f o l l o w s : f

i r s t , t o r e i m bu r s e t he Credi t o r- Def en dan t s an d t h e C l ai

man t s f o r al l co s t s an d ex

pen s es pai d o r adv an ced by t he m i n p u r s u i t o f t he i r c l a i m s i n t he R I C O Ac t i o n, t he R e c e i ve r s hi p P r o c e e d i

ng an d C a u s e N o . 4 5 1 ,4 9 7 ; an d

t h e re a f t e r, to a l l th e ho l de r s o f

a pp r o v e d a nn ui ty clai ms p r o r a t a i n p r o p o r t i o n t o t h e o r i g i n a l a mou n t o f t h ei r a p p r o v ed clai ms in the Re c e ive r s hip P r oc e e ding
. But A pp el l an t ’s i n t e r p r e t a t i o n

i gn o r es t h e pr ev i o us sen t en ce wh i ch

cl ear l y st at es t h at t h e t rustacc o un

t i s f o r t h e b en ef

i t o f t h e C redi t o r- Def en dan t s an d t h e C l ai

man t s , n am el y , t h e cli en

t s o f E h rl i ch

and S m i t h. T he s e nt e nc e r e l i e d

u p o n by Ap p e l l ant s ne c e s s ar i l y r e f e r s t o t he C r e d i

t o r - D e f e nd ant s and C l a i man ts w h o ar e h ol d e r s of

a p p r ov e d an n u i ty c l a i m s . T h e mor e g e n e r a l s ta te me n t d oe s n ot c on

tr ol t h e s peci f i c. I n s u p p o r t o f t he i r ar g u me nt , Ap p e l l ant s a l s o r e l y o n t e s t i mo ny by t he s p e c i a l

r e c e i ve ra t t he he ar i ng o n e nt r y

o f j u d g me nt
. W e d o no t c o ns i d e rhi s e xt r ane o u s s t a t e me nt s i n c o ns t ru i

ng t he
s e t t l e me nt a g r e e me nt be c a u s e t he i nt e nt o f t he p ar t i e s c an be f

o und i n t he c o nt r a c t i

t s e l f

. T he

u nam bi g u o u s l ang u a g e o f t he s e t t l e me nt a g r e e me nt d o e s no t s u p p o r t Ap p e l l ant s ’ i

nt e r p r e t a t i o n. T he t r ia l c o u r t c o r r e c t ly d e t e r min e d t h a t E h r lic h d id n o t o w e A

p p e lla n t s a fid u c iary d u t y. W e o v e r ru le th e s ol e i s s u e on

a p p e a l an d a f f i r m th e j u d g me n

t of th e tr i a l c our t.
J ul y 29, 2009 A NN C RA WF OR D M cC L URE , J

us t i ce Bef o r e Ch ew, C. J. , McCl

ur e, an d Car r , JJ. C ar r , J
. , no t p ar t i c i

p a t i ng