Crowe v. First Energy Corp.
2011 Ohio 5092
Ohio Ct. App.2011Background
- Crowe and Crowe were divorced in 2008; separation agreement required Crowe to transfer 50% of his FirstEnergy shares to Ms. Crowe.
- Crowe owned 844.137 shares at the time of divorce; FirstEnergy’s Shareholder Services received a stock power to transfer half.
- FirstEnergy delayed transfer to September 13, 2008, after a dividend reinvestment posting; inadvertently transferred all shares (850.558).
- Ms. Crowe received 100% ownership; a fractional 0.558 share remained in a reinvestment account; Ms. Crowe’s broker directed 850 shares into her account.
- Crowe learned of the error in April 2009 and demanded return of 50% of the shares; FirstEnergy and Ms. Crowe attempted to rectify by returning 425 shares in August 2009.
- Crowe filed suit in August 2009; trial court granted summary judgment to FirstEnergy and Mary Lou Crowe; Crowe appealed; appellate court affirmed.
Issues
| Issue | Plaintiff's Argument | Defendant's Argument | Held |
|---|---|---|---|
| Whether FirstEnergy is entitled to summary judgment on conversion claim | Crowe asserts conversion, not negligence, and seeks damages. | FirstEnergy contends no damages and no conversion due to return of shares. | Conversion claim against FirstEnergy fails as a matter of law. |
| Whether Crowe is entitled to summary judgment against FirstEnergy | Crowe seeks judgment on liability for conversion. | FirstEnergy argues no genuine damages and no conversion issue for trial. | Crowe not entitled to summary judgment; insufficient damages evidence. |
| Whether Ms. Crowe is entitled to summary judgment and Crowe’s reconsideration denial was proper | Crowe asserts Ms. Crowe’s actions support conversion and the court should deny reconsideration. | Ms. Crowe argues no conversion since property was returned and account corrections were made. | Court properly granted Ms. Crowe’s summary judgment and denied reconsideration. |
Key Cases Cited
- Joyce v. General Motors Corp., 49 Ohio St.3d 93, 551 N.E.2d 172 (Ohio 1990) (definition and elements of conversion)
- Temple v. Wean United, Inc., 50 Ohio St.2d 317, 4 O.O.3d 466, 364 N.E.2d 267 (Ohio 1977) (summary judgment standards and burden)
- Dresher v. Burt, 75 Ohio St.3d 280, 662 N.E.2d 264 (Ohio 1996) (burden-shifting framework for Civ.R. 56)