Opinion ID: 1349675
Heading Depth: 1
Heading Rank: 5

Heading: claims against amot and morgan-fidelity

Text: UPCM alleged that AMOT and Morgan-Fidelity (and GPI and PPI) induced, aided, and abetted Anaconda and ASARCO in breaching their fiduciary duty. UPCM further alleged that Morgan-Fidelity breached fiduciary duties they owed to UPCM as co-venturers, de facto partners, and co-shareholders in GPCC. It sought reformation of certain provisions of the 1975 agreements which it considered unconscionable. The trial court dismissed the claims for aiding and abetting and for breach of duty because they were barred by the four-year statute of limitations for actions not otherwise provided for by law, Utah Code Ann. § 78-12-25(3). As a general rule, the statute begins to run upon the happening of the last event necessary to complete the cause of action. Becton Dickinson & Co. v. Reese, 668 P.2d 1254, 1257 (Utah 1983). All acts by AMOT and Morgan-Fidelity which are complained of occurred no later than the date of UPCM shareholders' meeting, October 7, 1975, and we have held that UPCM's shareholders indisputably had sufficient knowledge to put them on inquiry. We therefore affirm the dismissal of those claims against AMOT and Morgan-Fidelity. We also affirm the dismissal of the claim for reformation of the 1975 agreements because it is barred by section 78-12-23(2), requiring actions based on a written contract to be brought within six years. Cf. Reese Howell Co. v. Brown, 48 Utah 142, 158 P. 684 (1916); Weight v. Bailey, 45 Utah 584, 147 P. 899 (1915).