Foundation Council Member Fiduciary Duty Claim Dismissed Over High-Risk Investment

The appellate court upheld the dismissal of a claim against a foundation council member for alleged breach of fiduciary duty due to a high-risk investment strategy implemented after the founder's death, governed by Liechtenstein law. The court reasoned that the plaintiff failed to sufficiently substantiate that the holding of specific stocks, which constituted 55-60% of the portfolio, constituted an unacceptable risk profile requiring immediate sale by the specific date alleged; while the asset allocation did not perfectly align with a "slightly growth-oriented" strategy, the plaintiff did not provide evidence on the specific risk character of the Nasdaq-listed stocks or demonstrate that holding them further, especially when the market showed slight recovery signs and external advice favored holding, amounted to negligence that a conscientious council member would have avoided.