Chris Sullivan charges Bank of America breached fiduciary duty - Tampa Bay Business Journal:

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In the suit, filed July 6 in Pinellas CountyCircuit Sullivan, who invested $10 millionb in the real estate development firm, said an executivde at Bank of America acted inappropriately and in a way that was detrimenta l to Sullivan and beneficial to the bank. Bank of Americs has not yet received the lawsuif and cannot comment atthis point, said spokeswoman Shirley Norton. Charlotte, N.C.-based Bank of Americqa (NYSE: BAC) has the leading retail bank markett share in the Tampa Bay area with nearly 20 percent of all deposits in the according to the most information availabl from the The suit saidSullivan — co-founderf of and its parent company, LLC — has had a bankint relationship with Bank of America since the late 1980s.
In he transferred most of his personakl wealth to Bankof America’s Private Bank and established a Famil Office there, paying more than $100,000 a year for financial advisory services. Because of that relationship, Sulliva believed the bank woulrd act in hisbest interest, the suit About the same time, Sullivan invested in the newly established , a real estate developmeng firm formed by Sullivan’s son, Alexanderr Sullivan, and his son’s friend, Adam Sullivan asked Dean Kuna, head of Bank of America’s Florida Home Builders division, for a suggestion for a chiefg executive of Palmcrest.
Kuna recommended a real estatde developer, Gunther Flaig, but failed to disclosed that Flaig was a clos epersonal friend, the suit said. Sullivan agreed to hire Flaigb and to give him a 50 percent membershipo interestin Palmcrest, and Flaig agreed to the provided property he owned and was developing was purchasefd by Palmcrest, the suit said. Palmcresty needed more funding for the acquisition so Bank of Americqa agreed to loan the money through a line of and Sullivan also extended a line of credit that was subordinate to the thesuit said. The lawsuit cited instancesw in which Kuna allegedly actedin Flaig’es interest while shortchanging Sullivan or leaving him uninformed.
“Kuna’s inappropriatew involvement was detrimental to Chris Sullivan as the subordinatwe lender and beneficial to Bank of Americ as thesuperior lender,” the suit said. “Bank of America’sd actions, via its agent, Kuna, breacherd the fiduciary duty owed toChris Sullivan.” Sullivan is seeking compensatory interest, costs and othedr relief, the suit said.