Opinion ID: 765593
Heading Depth: 3
Heading Rank: 3

Heading: Count IX -- Breach of Fiduciary Duties

Text: 38 Count IX of RTC's Third Amended Complaint alleges that Keating breached fiduciary duties owed to Lincoln. The district court granted summary judgment against Keating on this count, grounded in Shields' conclusion that Keating breached his fiduciary duties to the bondholders and stockholders [of American Continental]. Shields at 18. The court also based its judgment on Shields' findings that Lincoln did not comply with good business practices; that Keating permitted construction loans to be made on the basis of unreliable financial information; and that Keating permitted Lincoln to invest in real estate without reasonable investigation. Id. at 14-15. 39 The Shields litigation focused on whether Keating breached his duties to American Continental. Shields at 18. That issue differs from the issue in this case. Here, the RTC alleges that Keating breached duties owed to Lincoln. Because the evidence necessary to prove a breach of Keating's duty to Lincoln differs from the evidence adduced in Shields, and the legal standard for determining whether that duty is breached differs from the standard employed in Shields, the issues involved in the two cases are different. See Kamilche, 53 F.3d at 1062. Collateral estoppel is thus inapplicable.