Self-dealing trustees must both disgorge profits and pay restoration damages, says NM Supreme Court

In Miller v. Bank of America, N.A. (June 15, 2015), the New Mexico Supreme Court has held that trustees who engage in self-dealing transactions are required both to pay restoration damages (for any losses sustained) and to disgorge any profits obtained.

Justice Daniels’ opinion rejects the notion that restoration and disgorgement are mutually exclusive remedies, and states that a beneficiary’s recovery is not limited to his or her losses.

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