The plaintiff father sued his defendant son and several of the son's companies, seeking the return of over $12 million in funds and properties transferred to the son between 2010 and 2015.
The father alleged that the properties were to be held in trust for him and his other children, and claimed breach of fiduciary duty, undue influence, and unjust enrichment.
The court dismissed the action, finding that the son successfully rebutted the presumption of resulting trust.
The court accepted the son's evidence, corroborated by independent witnesses and bank personnel, that the father had a clear donative intent and gifted the funds and properties to the son.
