On March 25th, the Eleventh Circuit affirmed the dismissal of a plaintiff's lawsuit alleging breach of fiduciary duty and constructive fraud against plaintiff's prime and executing broker for an account over which a third party had discretionary control, who later looted the account. The parties' agreements plainly stated that a fiduciary relationship did not exist between plaintiff and the broker. SFM Holdings, Ltd. v. Banc of America Securities, LLC.