Former professional wrestler Terry Hogan, or Hulk Hogan as the world knows him, has been battling it out in the courts with his ex-wife and former business manager Linda Hogan. The two split in 2007 after a long marriage and two children. One of the many disputes between them was put to rest recently as a breach of fiduciary duty claim against Linda was thrown out.
Their son, Nick, was in a severe car accident in 2007 while driving one of Hulk’s cars, and the accident left passenger John Graziano, a friend of Nick’s, in extremely poor condition. The family of Graziano sued the Hogans for direct liability and negligence, and settled out of court for an undisclosed amount.
Hulk Hogan is suing his wife because he had to pay a significant amount of the settlement out-of-pocket and now knows the $250,000 per passenger insurance was insufficient. The lawsuit initially named only Well Fargo, but Linda Hogan was added because she was the business manager at the time. The claim states that the insurance company and Linda should have agreed on a more valuable insurance policy to protect the Hogans’ assets, and because they didn’t, they are in violation of fiduciary duty.
The addition of Linda was thrown out because the confidential marital settlement agreement Hulk and Linda Hogan signed during divorce proceedings included language that relieves Linda of any liabilities. The case against Wells Fargo is still proceeding.
If you have questions about breach of fiduciary duty, contact an experienced New York breach of fiduciary duty attorney. The Law Offices of Jonathan M. Cooper offers a free consultation to discuss your options. Visit our website to order a free copy of the book When You Don't Have a Written Agreement.