Opinion ID: 2602361
Heading Depth: 4
Heading Rank: 3

Heading: Cash Call

Text: ¶ 78 The jury concluded that MWT Corporation was the only plaintiff damaged as a result of Northstar's 1991 cash call. Accordingly, the jury awarded MWT Corporation $184,000 in actual damages ($92,000 against Richard Wiley and $92,000 against Wiley Rein) and $150,000 in punitive damages against Richard Wiley. Defendants contend the trial court erred in allowing the jury to award MWT Corporation any damages for Northstar's 1991 cash call. We agree. ¶ 79 It is undisputed that MWT Corporation never incurred any actual financial loss as a result of the cash call. Plaintiffs contend, however, that the cash call is a legal obligation caused by defendants' breach of fiduciary duties, and, therefore, they are entitled to damages. See Wilson v. S. Pac. Co., 13 Utah 352, 44 P. 1040, 1042 (1896) (allowing jury to award damages where plaintiff incurred a legal obligation as yet unpaid). We disagree with this characterization of the cash call. Northstar's cash call is better described as setting forth Northstar's view that the MWT, Ltd., limited partners had a legal obligation, a view these plaintiffs disputed. However, as Northstar has done nothing to create such an obligation, none exists. Accordingly, on remand, absent new evidence that would support the characterization of the cash call as a legal obligation, it would be inappropriate for plaintiffs to be awarded damages on this basis.