Capps v. Blondeau

2010 NCBC 8
CourtNorth Carolina Business Court
DecidedApril 13, 2010
Docket07-CVS-16486
StatusPublished
Cited by1 cases

This text of 2010 NCBC 8 (Capps v. Blondeau) is published on Counsel Stack Legal Research, covering North Carolina Business Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Capps v. Blondeau, 2010 NCBC 8 (N.C. Super. Ct. 2010).

Opinion

Capps v. Blondeau, 2010 NCBC 8.

STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION COUNTY OF WAKE 07 CVS 16486

MARTHA B. CAPPS, by and through her ) Guardian ad Litem, Bruce L. Capps, ) Plaintiff ) ) v. ) OPINION AND ORDER ON ) MOTIONS TO DISMISS HAROLD EARL BLONDEAU; R.J. ) BLONDEAU; NEAL WILLIAM KNIGHT; ) ANNE LOUISE KNIGHT; HELEN ) SOUTHWICK KNIGHT; MORGAN ) KEEGAN & COMPANY, INC.; MARVIN L. ) BAKER FAMILY FOUNDATION, INC. and ) REGIONS BANK, d/b/a REGIONS ) MORGAN KEEGAN TRUST FSB, ) Defendants )

THIS CAUSE, designated a complex business case by Order of the Chief Justice

of the North Carolina Supreme Court, pursuant to N.C. Gen. Stat. § 7A-45.4(b)

(hereinafter, all references to the North Carolina General Statutes will be to “G.S.”), and

assigned to the undersigned Special Superior Court Judge for Complex Business

Cases, by order of the Chief Special Superior Court Judge for Complex Business

Cases, now comes before the court for determination of Motions to Dismiss (the

“Motion(s)”) propounded in this matter by Defendants R.J. Blondeau, Neal William

Knight, Jr. (“Neal Knight”), Anne Louise Knight and Helen Southwick Knight (the latter

two, collectively, the “Knight Defendants”), pursuant to the provisions of Rule 12(b)(6),

North Carolina Rules of Civil Procedure (“Rule(s)”); and THE COURT, having considered the Motions, the arguments and briefs in

support of and in opposition to the Motions, and appropriate matters of record,

CONCLUDES that the Motion by Defendant Neal Knight should be DENIED; and the

Motions by R.J. Blondeau and the Knight Defendants should be GRANTED in part and

DENIED in part, for the reasons stated herein.

I.

PROCEDURAL HISTORY

[1] On October 12, 2007, Martha B. Capps (“Capps”), through her Guardian

ad Litem, Bruce L. Capps, filed this civil action against the moving Defendants, and

others, alleging misconduct in connection with her assets. The original verified

Complaint subsequently was amended pursuant to Order dated April 30, 2008. 1

[2] Plaintiff alleges Claims against the Defendant Neal Knight for (a) Breach

of Fiduciary Duty – Fourth Cause of Action; (b) Constructive Fraud – Fifth Cause of

Action; (c) Fraud and Deceit – Sixth Cause of Action; (d) RICO 2 Violation – Tenth

Cause of Action; (e) Civil Conspiracy – Eleventh Cause of Action; (f) Revocation of Gifts

– Fifteenth Cause of Action; (g) Constructive Trust – Sixteenth Cause of Action; (h)

Equitable Action for Accounting – Seventeenth Cause of Action and (i) Preliminary

Injunction – Eighteenth Cause of Action.

[3] Plaintiff alleges Claims against Defendant R.J. Blondeau and the Knight

Defendants for (a) Unjust Enrichment/Quantum Meruit – Plaintiff’s Fourteenth Cause of

Action; (b) Revocation of Gifts – Plaintiff’s Fifteenth Cause of Action and (c)

Constructive Trust – Plaintiff’s Sixteenth Cause of Action.

1 As amended, the Complaint contains some ninety-six pages having 294 paragraphs, with subparagraphs, and alleging twenty-two Causes of Action (“Claims”). 2 The Racketeer Influenced and Corrupt Organizations Act, G.S. Chapter 75D (“RICO”). [4] Plaintiff also seeks remedies against other non-moving Defendants. The

non-moving Defendants are unaffected by the Motions.

[5] There are extant motions by Defendant Harold Earl Blondeau (“Hal

Blondeau”) and Defendant Morgan Keegan & Company, Inc. (“Morgan Keegan”) to stay

this judicial proceeding and to compel arbitration of Plaintiff’s Claims against them,

pursuant to G.S. 569.7(a) and 569.7(g) (the “Arbitration Motions”). The Arbitration

Motions have been denied in a separate Order by the court.

[6] The Motions seek dismissal of this civil action with regard to each of the

moving Defendants. The Motions have been fully briefed and argued, and are ripe for

determination.

II.

FACTUAL BACKGROUND

Among other things, the Complaint alleges that:

[7] In 1988, Capps, a resident of North Carolina, 3 learned that she would be

the principal beneficiary of her aunt Anne Kyle’s (“Kyle”) multimillion dollar estate. 4

Kyle, a resident of Palm Beach, Florida, had inherited a large estate from her late

husband. Capps was Kyle’s closest family member and provided Kyle with friendship

and comfort for many years prior to Kyle’s death. In anticipation of Kyle’s death, and

upon professional advice, Kyle established two trusts under Florida law, the Anne Kyle

GST and the Anne Kyle Irrevocable Trust (collectively, the “Trusts”).

3 Compl., ¶ 1. 4 Id., ¶¶ 19-20. [8] From at least 1988 and up until the events complained of in the Complaint,

Hal Blondeau, R.J. Blondeau’s father, was Capps’ financial and investment advisor.

During those years, Capps reposed trust and confidence in Hal Blondeau’s advice.

[9] Defendants Hal Blondeau and Neal Knight were closely involved in

advising Capps with regard to the Trusts. At times material, Hal Blondeau was a

stockbroker and financial advisor with a respected brokerage house, and Neal Knight

was a partner in a prominent law firm in Palm Beach, Florida. Capps trusted these men

with intimate knowledge concerning her personal affairs. Each was involved in crafting

Kyle’s estate plan, which was specifically drafted to address Plaintiff’s domestic

situation and her special concerns. 5

[10] After Kyle’s death in 1989, 6 the Trusts were funded as anticipated. 7 Hal

Blondeau’s then employer, A.G. Edwards, served as successor trustee of the Trusts

from 1989 until 1997. 8 Thereafter, Hal Blondeau left his employment with A.G. Edwards

and joined Morgan Keegan as a partner. He advised Capps to move her accounts and

the administration of the Trusts to Morgan Keegan. She did so, and Morgan Keegan

was appointed successor trustee of the Trusts. Eventually, Regions Bank, d/b/a

Regions Morgan Keegan Trust FSB (“Regions”), became the successor trustee. 9

[11] During the time A.G. Edwards served as Trustee, it failed to pay net

income to Capps as required under the Trusts, and this amount of undistributed net

5 Id., ¶¶ 22, 45. 6 Id., ¶ 28. 7 Plaintiff alleges the Trusts then contained total assets of approximately four million dollars ($4,000,000). Id., ¶ 36. 8 Id., ¶ 35. 9 Id., ¶ 41. income grew to over a million dollars ($1,000,000). 10 Defendants Hal Blondeau and

Neal Knight were materially involved in the consideration of the legal issues surrounding

the undistributed, accumulated net income. 11 On several occasions, they met with

and/or discussed these issues with Gerald Thornton (“Thornton”), Plaintiff’s estate

planning attorney in Raleigh, North Carolina, providing him with information as Capps’

trusted agents regarding her estate plan, her wishes and her concerns. 12

[12] On August 21, 2001, Capps executed several estate documents. 13 Hal

Blondeau was appointed under the financial Power of Attorney to serve as Capps’

attorney-in-fact and fiduciary, and Neal Knight was selected to serve as first successor

in the event Hal Blondeau failed for any reason to serve in such capacity. 14

[13] Since at least September 2001, Capps has had a slow but progressive

decline in her memory. In September 2005, she was diagnosed with dementia, most

likely related to Alzheimer’s disease. She currently resides in an assisted living

facility. 15

[14] In 2001, shortly before Capps executed the estate planning documents

drafted by Thornton, 16 and unbeknownst to Capps or Thornton, 17 Hal Blondeau and

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Related

Capps v. Blondeau
2014 NCBC 24 (North Carolina Business Court, 2014)

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Bluebook (online)
2010 NCBC 8, Counsel Stack Legal Research, https://law.counselstack.com/opinion/capps-v-blondeau-ncbizct-2010.