The board of directors of a nonprofit university alumni association has no fiduciary duty to the members of the association, a Court of Appeals in Texas has ruled. The issue arose in a long-running and complicated case involving ticket and parking rights purchased by members of the Texas A&M 12th Man Foundation (formerly the Aggie Club) for the University’s football games. When the University built a new stadium, it had to change its seating and parking rights for donors who received such rights in the old stadium. In December, 2017, some of the unhappy donors sued for breach of contract, promissory estoppel, breach of fiduciary duty and lack of good faith. After numerous procedural...