defalcation

Supreme Court Sets Defalcation Bar at Gross Recklessness under Section 523(a)(4)

05/14/13
In the only bankruptcy case pending before it this term, a unanimous Supreme Court has ruled that the archaic term "defalcation" used in 11 U.S.C. Sec. 523(a)(4) requires 
knowledge of, or gross recklessness in respect to, the improper nature of the relevant fiduciary behavior
complained of.    Bullock v. BankChampaign, No.
[more]