People v. Wells Fargo Ins. Servs., Inc.: No Common-Law Fiduciary Duty for Insurance Brokers to Disclose Incentive Arrangements to Customers

February 18, 2011

On February 17, 2011, the New York Court of Appeals, in People v. Wells Fargo Ins. Servs., Inc., held that an "insurance broker does not have a common-law fiduciary duty to disclose to its customers ‘incentive' arrangements that the broker has entered into with insurance companies."

CGR Memo - People v. Wells Fargo Ins. Servs., Inc. - No Common Law Fiduciary Duty for Ins. Brokers to Disclose Incentives