Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC

CourtCourt of Chancery of Delaware
DecidedMay 31, 2023
DocketC.A. No. 2022-0066-SEM
StatusPublished

This text of Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC (Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC) is published on Counsel Stack Legal Research, covering Court of Chancery of Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC, (Del. Ct. App. 2023).

Opinion

COURT OF CHANCERY OF THE STATE OF DELAWARE SELENA E. MOLINA LEONARD L. WILLIAMS JUSTICE CENTER MASTER IN CHANCERY 500 NORTH KING STREET, SUITE 11400 WILMINGTON, DE 19801-3734

Final Report: May 31, 2023 Date Submitted: February 2, 2023

Jason C. Powell, Esquire Aaron E. Moore, Esquire Thomas J. Reichert, Esquire Marshall Dennehey Warner The Powell Firm, LLC Coleman & Goggin 1813 North Franklin Street 1007 North Orange Street, Suite 600 Wilmington, DE 19802 Wilmington, DE 19899

Joseph H. Huston, Jr., Esquire Stevens & Lee, P.C. 919 North Market Street, Suite 1300 Wilmington, DE 19801

Re: Dan Nestor v. Karen Poore, Ellen Donahue, and Creative Planning, LLC, C.A. No. 2022-0066-SEM

Dear Counsel:

In this action, the plaintiff seeks judgment against his ex-wife, her business

partner, and their employers for alleged misdeeds. Although couched as a fiduciary-

duty case, this action is largely an extension of prior Family Court proceedings.

Thus, I find the plaintiff’s claims against his ex-wife are within the Family Court’s

exclusive jurisdiction and should be dismissed with leave to transfer. The remaining

claims may well fall within an arbitration agreement. But I cannot make a final

recommendation because (1) there is a factual dispute regarding whether the plaintiff

signed the agreement and (2) the agreement is governed by Massachusetts law, Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC, C.A. No. 2022-0066-SEM May 31, 2023 Page 2 of 15

which neither side has briefed. Thus, I am staying exceptions to this ruling and

ordering further proceedings as explained herein.

I. BACKGROUND1

The plaintiff, Dan Nestor (“Nestor”) and defendant, Karen Poore (“Poore”)

were once married but separated on January 2, 2018 and divorced on March 4, 2019.2

Prior to their divorce, Poore and Ellen Donahue (“Donahue”)—Poore’s business

partner—worked as Nestor’s financial planners through an investment company

called Creative Financial Group (“CFG,” with Poore and Donahue, the “CFG

Defendants”).3 Poore and Donahue are also certified financial planners with Mass

Mutual Investor Services, LLC (“MMLIS,” with the CFG Defendants, the

1 Unless otherwise noted, all factual averments are taken from the second amended complaint and the exhibits attached thereto. Docket Item (“D.I.”) 22. Factual assertions in the complaint are accepted as true if well-pleaded. See Savor, Inc. v. FMR Corp., 812 A.2d 894, 896 (Del. 2002). The CFG Defendants also ask me to consider documents outside the operative pleadings: Exhibit A (the redline reflecting the latest amendments to the complaint), Exhibit C (protection from abuse records from the Family Court), Exhibit D (a pretrial stipulation from the Family Court), Exhibit E (e-trade email notifications), Exhibit F (defined herein as the Divorce Agreement), Exhibit G (Nestor’s motion to reopen the Family Court proceedings), Exhibit H (the Family Court’s denial of Exhibit G), Exhibit I (a letter from Nestor’s counsel to Poore), Exhibit J (emails between Nestor and Poore), Exhibits K-L and O (texts between Nestor and Poore), and Exhibits M-N (texts from Nestor to Donahue). D.I. 29. Exhibits B, P, and Q are the Complaint, as defined herein, and attachments to it. Compare D.I. 29, with D.I. 22, Exhibit (“Ex.”) A. I address whether the extrinsic documents are appropriate for consideration within my analysis. 2 D.I. 22 ¶7. 3 Id. at ¶¶7-8, 10. Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC, C.A. No. 2022-0066-SEM May 31, 2023 Page 3 of 15

“Defendants”).4 MMLIS is a FINRA regulated brokerage firm through which

CFG’s investment and securities services are offered.5

A. The Divorce

Nestor and Poore’s marriage frayed in or about 2018 and the couple divorced

in 2019.6 Following their divorce, Nestor and Poore entered into a divorce

settlement agreement (the “Divorce Agreement”).7 The Divorce Agreement was

executed and became effective on May 13, 2020; it was then incorporated into the

final decree from the Family Court.8 The purpose of the Divorce Agreement was to

“serve as a final and complete settlement of all property rights and obligations

between [Nestor and Poore].”9 To accomplish that end, the Divorce Agreement

identified all separate and marital property and directed its disposition after the

divorce.10 For the separate property of either side, the Divorce Agreement provided

that that other party “disclaims and waives any and all rights and interests in [those]

4 Id. at ¶5. 5 Id. at p.6, n.2. 6 Id. at ¶7. 7 D.I. 29, Ex. F. 8 Id. 9 Id. 10 Id. Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC, C.A. No. 2022-0066-SEM May 31, 2023 Page 4 of 15

assets.”11 Nestor, specifically, retained an e-trade account, a Brighthouse annuity

account, and a WSFS account, in addition to certain real and personal property and

business interests.12

B. Pre-Divorce

“For many years” before the divorce, beginning in 1998, Nestor gave Poore

and Donahue access to his “bank accounts, stock brokerage accounts and other

accounts with sensitive information[.]”13 Nestor avers he trusted Poore and Donahue

as his financial advisors but revoked their authority “[s]ubsequent to” the divorce.14

Under the prior arrangement, Nestor, with the assistance of Poore, opened an

IRA account with New England Securities Corporation (“NES”).15 The account

registration was purportedly signed by Nestor, as the account holder, and by Poore

as his registered representative on April 16, 2007.16 Nestor disputes that he signed

the registration agreement.17 Directly above Nestor’s purported signature is an

11 Id. 12 Id. 13 D.I. 22, ¶¶8-9. 14 Id. at ¶11. 15 D.I. 22, Ex. A. 16 Id. 17 D.I. 22, ¶62. Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC, C.A. No. 2022-0066-SEM May 31, 2023 Page 5 of 15

acknowledgement: “[I] acknowledge and agree to the Pre-dispute Arbitration

Agreement (located on the back of this application) and I have also received[,]

read[,] and understand the NES Disclosure Statement given to me by my registered

representative along with this application.”18

The attached arbitration agreement (the “Arbitration Agreement”) provides,

in pertinent part:

Client agrees that any controversy concerning an Account whether arising before or after the date this Account is opened and arising out of or relating to this Agreement or any transactions between Client and [NES] or Pershing LLC their employees[,] directors[,] agents[,] officers or affiliates shall be determined by arbitration before the NASD Dispute Resolution Inc.19

The Arbitration Agreement further provides: “Client acknowledges and agrees this

Section titled ‘Pre Dispute Arbitration Clause’ shall survive termination of this

Agreement.”20 As for the governing law, the Arbitration Agreement “and its

enforcement shall be governed by the laws of the state of Massachusetts.”21

18 D.I. 22, Ex. A, at 4. 19 Id. at 7. 20 Id. 21 Id. Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC, C.A. No. 2022-0066-SEM May 31, 2023 Page 6 of 15

C. Post-Divorce

Nestor avers that he revoked any authority relating to his finances after the

divorce. Nevertheless, Nestor avers Poore and Donahue, in their professional

capacity, continued to access Nestor’s accounts resulting in (1) losses on his e-trade

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Bluebook (online)
Dan Nestor v. Karen Poore, Ellen Donahue and Creative Planning, LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/dan-nestor-v-karen-poore-ellen-donahue-and-creative-planning-llc-delch-2023.