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Posts Categorized: Fiduciary Duties

Posted: 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 LLP, 2017 NY Slip Op. 09252, holding that a breach of fiduciary duty claim against former counsel was timely based on a conflict even though the related malpractice claim was untimely, explaining: Plaintiff’s claim for legal malpractice, in… Read more »

Posted: 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.P. v. Citicorp North America, Inc., 2017 NY Slip Op. 07678, affirming the dismissal of breach of fiduciary claims as duplicative of breach of contract claims, explaining: As to Citicorp the fiduciary duty claim was correctly dismissed as duplicative… Read more »

Posted: 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 Siras Partners LLC v. Activity Kuafu Hudson Yards LLC, 2017 NY Slip Op. 50443(U), dismissing a civil conspiracy claim because the underlying tort was not alleged, explaining: While New York does not recognize an independent cause of action… Read more »

Posted: 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 Commonwealth Advisors, Inc. v Wells Fargo Bank, N.A., 2017 NY Slip Op. 30622(U), holding that the collateral manager of a CDO was not entitled to expense reimbursements greater than were provided in the agreements governing the CDO, explaining:… Read more »

Posted: April 7, 2017

Negligent Representation Claim Fails; No Special Relationship

On April 4, 2017, the First Department issued a decision in Coöperative Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Intl.,” N.Y. Branch v. Atradius Credit Ins. N.V., 2017 NY Slip Op. 02606, affirming the dismissal of a claim for negligent misrepresentation, fraudulent concealment, and breach of fiduciary duty because there was no special relationship between the parties, explaining:… Read more »