You searched for: "Fiduciary Duties"
Search Results
August 2, 2024
Summary Judgment Granted In Part, Denied In Part In Action Between Limited Partners
In an order dated June 4, 2024, Justice Andrew Borrok resolved various claims among limited partners in a real estate entity, granting summary judgment to each side on some claims. Melrose Associates Limited Partnership v. Floral Associates Limited Partnership, Index No. 651323/2020. Read More
June 17, 2024
Court Grants Motion To Dismiss Breach Of Fiduciary Claim For Failure To Allege Damages
On April 12, 2024, Justice Margaret A. Chan granted plaintiff’s motion to dismiss defendants’ counterclaims for breach of contract, unjust enrichment, and breach of fiduciary duty. Defendants in Murphy v. PHG Funding LLC et al., Index No. 656158/2021, alleged counterclaims arising out a settlement with plaintiff and transactions related thereto. As to defendants’ counterclaim for breach of fiduciary duty, the Court explained: Read More
October 10, 2022
LLC Managing Member Did Not Breach Fiduciary Duty In Diverting Investment Opportunity To Another Company
In a Decision After Trial, decided September 20, 2022, in Shatz v. Chertok, Index No. 655620/2018, 2022 NYLJ LEXIS 1635, Justice Jennifer Schecter held that the defendant managing member of an LLC did not breach his duty to the plaintiff non-managing member when he failed to present an opportunity to invest in a company known as Ripple Labs, Inc. The Court explained: Read More
July 1, 2022
Accountant May Owe Fiduciary Duties to Client in Limited Circumstances
On June 28, 2022, the First Department issued a decision in Gerzog v. Goldfarb, Case No. 2022-00071, holding that an accountant owes fiduciary duties to a client when it is alleged that the accountant knew of and concealed illegal acts and diversions of funds yet failed to withdraw in the face of a conflict of interest, explaining: Read More
May 27, 2022
Breach of Fiduciary Duty Claim Upheld Where Plaintiff Adequately Pled Demand Futility
In an Opinion, dated May 10, 2022, in Jones v. CareandWear II, Inc., 2022 N.Y. Slip. Op. 50383(U), Justice Robert R. Reed rejected defendant’s argument that plaintiff’s direct and derivative claims for breach of fiduciary duty should be dismissed for failure to adequately plead demand futility. Read More
May 19, 2022
Legal Malpractice Claim Dismissed Where Failure to Submit Documents Was Not Proximate Cause of Adverse Arbitration Award
On February 9, 2022, in All Vision LLC v. Paduano & Weintraub LLP, Index No. 653605/2021, Justice Andrew Borrok of the New York County Commercial Division dismissed plaintiff’s claims for legal malpractice and breach of fiduciary duty for failure of its counsel to submit a termination letter and certain financial statements in an arbitration arguing that had they been submitted, the documents would have served as a defense to the claims asserted against them or resulted in a substantially reduced award. The Court explained: Read More
March 27, 2022
Court Should Have Granted Renewal Where Dismissal Was Based on Argument Raised for First Time in Reply
Written by:
Jeffrey M. Eilender, Samuel L. Butt, Joshua Wurtzel,
On March 3, 2022, in Mehra v. Morrison Cohen LLP, 2022 NY Slip. Op. 01396, the First Department reversed the Decision and Order of Justice O. Peter Sherwood, which granted defendant’s motion to dismiss a breach of fiduciary duty claim, and the Order of Justice Robert Reed, which denied Plaintiff’s motion for leave to renew. Read More
February 28, 2022
Claims of Potential Personal Civil and Criminal Liability Are Not Duplicative of Derivative Claims of Corporation
Written by:
Jeffrey M. Eilender, Samuel L. Butt, Joshua Wurtzel,
On February 3, 2022, in Newman v. Newman, 2022 NY Slip. Op. 00731, the First Department affirmed the Decision and Order of Justice Barry R. Ostrager, denying plaintiff’s motion to dismiss plaintiff’s individual causes of actions. Read More
July 1, 2021
Breach of Fiduciary Duty Claim Dismissed for Lack of Damages
On June 24, 2021, the First Department issued a decision in Besen v. Farhadian, 2021 NY Slip Op. 040… Read More
May 10, 2021
Questions of Fact Preclude Dismissal of Claims Against Indenture Trustee, Rejecting Argument That its Duties Were Merely Ministerial
On April 20, 2021, the First Department issued a decision in Bankers Conseco Life Ins. Co. v. Wilmin… Read More
March 29, 2021
Statute of Limitations for Breach of Fiduciary Duty Claim Based on Fraud is Six Years, Not Three
On March 25, 2021, the First Department issued a decision in Wimbledon Fin. Master Fund, Ltd. v. Hal… Read More
January 10, 2021
Conflict Claims Insufficient for Derivative Claim to Survive
On December 23, 2020, Justice Borrok of the New York County Commercial Division issued a decision in… Read More
December 28, 2020
Breach of Fiduciary Duty Claim Must Be Dismissed Where Duplicative of Breach of Contract Claim
On December 2, 2020, Justice Platkin of the Albany County Commercial Division issued a decision in R… Read More
December 20, 2020
Breach of Fiduciary Claim Dismissed as Duplicative of Contract Claim Because it Was Based on Breach of Duties Assigned by Contract
On December 2, 2020, Justice Platkin of the Albany County Commercial Division issued a decision in R… Read More
December 16, 2020
Allegations That Directors Were Acquainted With Interested Party Insufficient Basis for Claim That They Were Not Disinterested
On December 03, 2020, the First Department issued a decision in Matter of Cadus Corp. Stockholders L… Read More
November 3, 2020
Court Enforces Disclaimer of Fiduciary Duty
On October 20, 2020, the First Department issued a decision in La Scoula D'Italia Guglielmo Marconi … Read More
October 8, 2020
Fiduciary Duty Claims Based on Joint Venture Fail Without Provision Providing for Sharing Losses as Well as Profits
On October 1, 2020, the First Department issued a decision in Shionogi Inc. v. Andrx Labs, LLC, 2020… Read More
September 6, 2020
A Claim for an Accounting May be Made Whenever a Fiduciary Relationship Exists
On August 20, 2020, Justice Masley of the New York County Commercial Division issued a decision in S… Read More
July 31, 2020
Accounting Claim Dismissed for Failure Adequately to Allege a Fiduciary Relationship
On July 16, 2020, Justice Borrok of the New York County Commercial Division issued a decision in Kar… Read More
July 27, 2020
Allegations Insufficient to Show Existence of a Joint Venture
On July 22, 2020, the Second Department issued a decision in MacKay v. Paesano, 2020 NY Slip Op. 041… Read More
July 4, 2020
Accountants Did Not Have Fiduciary Duty to Client
On June 18, 2020, Justice Borrok of the New York County Commercial Division issued a decision in Dea… Read More
May 24, 2020
To State a Conspiracy to Breach Fiduciary Duty Claim, All Alleged Conspirators Must Owe Fiduciary Duties
On May 8, 2020, Justice Borrok of the New York County Commercial Division issued a decision in Sands… Read More
May 12, 2020
Breach of Fiduciary Duty Claims Timely Even Though Alleged Breach Merely Renewed Earlier, Time-Barred Breaches
On May 7, 2020, the First Department issued a decision in Ganzi v. Ganzi, 2020 NY Slip Op. 02740, ho… Read More
March 10, 2020
Fiduciary With Unfettered Discretion Cannot Exercise That Discretion in Bad Faith
On February 27, 2020, the First Department issued a decision in Shatz v. Chertok, 2020 NY Slip Op. 0… Read More
February 19, 2020
LLC's Managing Members Owed Fiduciary Duties to Non-Managing Member
On January 3, 2020, Justice Scarpulla of the New York County Commercial Division issued a decision i… Read More
November 21, 2019
Open Repudiation Toll Doctrine Inapplicable to Claim for Money Damages for a Breach of Fiduciary Duty
On November 14, 2019, the First Department issued a decision in Matter of Yin Shin Leung Charitable … Read More
October 14, 2019
Faithless Servant Claim Requires Defendant to Have Acted Directly Against Employer's Interests as in Embezzlement, Improperly Competing or Usurping Business Opportunities
On October 1, 2019, the First Department issued a decision in Bluebanana Group v. Sargent, 2019 NY S… Read More
September 26, 2019
Lender - Borrower Relationship Does Not Give Rise to Fiduciary Duty
On September 11, 2019, Justice Cohen of the New York County Commercial Division issued a decision in… Read More
July 20, 2019
Shareholders Did Not Breach Duty to Company by Operating Competing Companies
On July 10, 2019, the Second Department issued a decision in Laffey v. Laffey, 2019 NY Slip Op. 0552… Read More
June 23, 2019
Non-Client Adequately Alleged Fiduciary Duty Claims Against Law Firm
On June 11, 2019, the First Department issued a decision in Devlin v. Greenberg Traurig, LLP, 2019 N… Read More
April 27, 2019
Conduct Amounting to Nothing More than Common Business Practice Cannot Be Basis for Aiding and Abetting Breach of Fiduciary Duty Claim
On April 4, 2019, Justice Scarpulla of the New York County Commercial Division issued a decision inÂ… Read More
February 12, 2019
Conspiracy to Breach Fiduciary Duty Claim Properly Dismissed for Failure to Allege Facts Relating to Acts in Support of Conspiracy
On February 1, 2019, the Fourth Department issued a decision in Cohen & Lombardo, P.C. v. Conno… Read More
January 11, 2019
Breach of Fiduciary Duty Claim Dismissed Under Business Judgment Rule
On December 26, 2018, Justice Bransten of the New York County Commercial Division issued a decision … Read More
November 26, 2018
Joint Venture's Controlling Shareholder Liable for Aiding and Abetting Manager's Breach of Fiduciary Duty
On October 22, 2018, Justice Ramos of the New York County Commercial Division issued a decision in U… Read More
October 14, 2018
Contractual Right to Take Actions Cannot Shield Fiduciary From Breach of Fiduciary Duty Claim if Fiduciary Acted in Bad Faith
On September 28, 2018, Justice Scarpulla of the New York County Commercial Division issued a decisio… Read More
August 1, 2018
Accounting Denied For Lack of Fiduciary or Confidential Relationship
On July 25, 2018, the Second Department issued a decision in Lake Overlook Partners, LLC v. Sosa, 20… Read More
July 24, 2018
Breach of Fiduciary Duty Claim Dismissed on Summary Judgment for Lack of Damages
On July 10, 2018, Justice Schecter of the New York County Commercial Division issued a decision in B… Read More
June 28, 2018
Breach of Fiduciary Claim Reinstated; it Was Not Duplicative of Contract Claim Because it Sought Separate and Distinct Relief
On June 20, 2018, the Second Department issued a decision in Slocum Realty Corp. v. Schlesinger, 201… Read More
April 16, 2018
Sexual Harassment of Employees is Not a Breach of an Executive's Fiduciary Duties to His Employer
On April 2, 2018, Justice Scarpulla of the New York County Commercial Division issued a decision in … Read More
April 4, 2018
Close Friendship Insufficient to Create Fiduciary Relationship
On March 29, 2018, the First Department issued a decision in Benzies v. Take-Two Interactive Softwar… Read More
January 5, 2018
Fiduciary Duty Claim Against Former Counsel Based on Conflict Timely Even Though Malpractice Claim Untimely
On December 28, 2017, the First Department issued a decision in Palmeri v. Willkie Farr & Gallagher … Read More
November 7, 2017
Fiduciary Duty Claim Dismissed as Duplicative of Contract Claim
On November 2, 2017, the First Department issued a decision in Elmrock Opportunity Master Fund I, L.… Read More
November 1, 2017
Breach of Contract May be Breach of Fiduciary Duty, But Only for Professionals
On October 19, 2017, the First Department issued a decision in Panattoni Development Co., Inc. v. Sc… Read More
October 11, 2017
LLC Does Not Owe Fiduciary Duties to its Members
On September 28, 2017, Justice Kornreich of the New York County Commercial Division issued a decisio… Read More
August 2, 2017
First Department Reaffirms Indenture Trustee's Fiduciary Duties
On August 1, 2017, the First Department issued a decision in Cece & Co. Ltd. v. U.S. Bank N.A., 2017… Read More
June 26, 2017
Attorney for 50% Shareholder Had No Fiduciary Duty to Other Shareholder
On June 7, 2017, the Second Department issued a decision in Gall v. Colon-Sylvain, 2017 NY Slip Op. … Read More
April 12, 2017
No Conspiracy to Breach Fiduciary Duty Claim When Underlying Tort Not Alleged
On March 29, 2017, Justice Oing of the New York County Commercial Division issued a decision in Sira… Read More
April 11, 2017
Collateral Manager Not Entitled to Expense Payments Greater Than Provided by Contract
On March 31, 2017, Justice Kornreich of the New York County Commercial Division issued a decision in… Read More
April 7, 2017
Negligent Representation Claim Fails; No Special Relationship
On April 4, 2017, the First Department issued a decision in Coöperative Centrale Raiffeisen-Boerenl… Read More
March 12, 2017
Art Dealer Forfeits Commission Under Faithless Servant Doctrine
On February 27, 2017, Justice Ramos of the New York County Commercial Division issued a decision in … Read More
February 6, 2017
LLC Member Does Not Owe Fiduciary Duty To Managing Member Or To The LLC Itself
On January 31, Justice Singh of the New York County Commercial Division issued a decision in Landes … Read More
December 21, 2016
Escrow Agent Has Fiduciary Duty to Persons With a Beneficial Interest in the Escrowed Property
On December 14, 2016, the Second Department issued a decision in Sasidharan v. Piverger, 2016 NY Sli… Read More
November 30, 2016
Board Did Not Breach Fiduciary Duty By Entering Into Management Contract With Former Employees
On November 22, 2016, the First Department issued a decision in Doppelt v. Denahan, 2016 NY Slip Op.… Read More
November 27, 2016
Party Who Agreed to Be Tie-Breaker Vote for LLC Members Had Fiduciary Duty to Members
On November 21, 2016, Justice Ritholtz of the Queens County Commercial Division issued a decision in… Read More
November 23, 2016
Former Employees Can be Ordered to Repay Salaries under Faithless Servant Doctrine
On November 22, 2016, the First Department issued a decision in Beach v. Touradji Capital Management… Read More
November 1, 2016
Managing Member of LLC Has Fiduciary Duty to Both LLC and Other Members
On October 11, 2016, Justice Friedman of the New York County Commercial Division issued a decision i… Read More
August 14, 2016
Designation of Party As Agent Did Not Make it a Fiduciary
On August 5, 2016, Justice Kornreich of the New York County Commercial Division issued a decision in… Read More
July 15, 2016
Prior to Default, RMBS Trustees Owe Note Holders Extracontractual Duty to Perform Basic Functions
On July 5, 2016, the First Department issued a decision in Commerce Bank v. Bank of N.Y. Mellon, 201… Read More
April 15, 2016
Business Judgment Does Not Protect Decision Where Some Partners Benefited Differently Than Others
On April 12, 2016, the First Department issued a decision in Pokoik v. Norsel Realties, 2016 NY Slip… Read More
March 29, 2016
Six-Year Statute of Limitations Applies to Breach of Fiduciary Duty Claims Sounding in Fraud
On March 15, 2016, the First Department issued a decision in Cusimano v. Schnurr, 2016 NY Slip Op. 0… Read More
January 23, 2016
Controlling Shareholders Did Not Have Fiduciary Duty to Minority Shareholder
On January 12, 2016, the First Department issued a decision in Arnett v. Charles Morgan Securities I… Read More
December 31, 2015
Taking or Copying Customer Lists is Breach of Fiduciary Duty Even if Not Trade Secrets
On November 21, 2015, Justice Grays of the Queens County Commercial Division issued a decision in Pa… Read More
August 11, 2015
Action May Be Brought Against Accountants For Failing To Disclose Client’s Employee's Financial Wrongdoing
On July 21, 2015, Justice Demarest of the Kings County Commercial Division issued a decision in JAG … Read More
November 15, 2014
Former Employees Preliminarily Enjoined from Carrying On New Business
On November 3, 2014, Justice Whelan of the Suffolk County Commercial Division issued a decision in F… Read More
October 11, 2014
Assessment of Damages Against Financial Advisor for Aiding and Abetting Breaches of Fiduciary Duty
Interesting reading: a post by Richards, Layton & Finger, P.A. on the assessment of damages for … Read More
July 12, 2014
Claims Dismissed for Failure to Present Evidence of Proximate Causation
On June 30, 2014, Justice Sherwood of the New York County Commercial Division issued a decision in M… Read More
June 19, 2014
Action Against Referral Service Fails
On June 9, 2014, Justice Sherwood of the New York County Commercial Division issued a decision in Vi… Read More
March 8, 2014
Court Identifies Elements of Claim for Aiding and Abetting Undue Influence
On February 28, 2014, Justice Scarpulla of the New York County Commercial Division issued a decision… Read More
January 29, 2014
Board Did Not Have Fiduciary Duty to Maximize Shareholder Benefit in Merger Where There was No Change of Control or Break-up
On January 13, 2014, Justice Friedman of the New York County Commercial Division issued a decision i… Read More
January 23, 2014
Director Breaches Fiducary Duty in Selling Corporate Shares to Himself
On December 24, 2013, Justice Whelan of the Suffolk County Commercial Division issued a decision in … Read More
November 5, 2013
Statute of Limitations Not Tolled by Equitable Estoppel
On October 28, 2013, Justice Whelan of the Suffolk County Commercial Division issued a decision in N… Read More
October 31, 2013
Existence of Fiduciary Duty Depends on Role in Which Party is Acting
On October 30, 2013, the Second Department issued a decision in Varveris v. Zacharakos, 2013 N.Y. S… Read More
