Posts Categorized: Statute of Limitations/Laches

Posted: June 23, 2017

Tolling Provision of CPLR 205(a) Does Not Apply to Out-of-State Actions

On June 15, 2017, the First Department issued a decision in Deadco Petroleum v. Trafigura AG, 2017 NY Slip Op. 04887, holding that claims timely brought in California but later dismissed were time-barred because the tolling provision of CPLR 205(a) does not apply to out-of-state actions, explaining: The breach of partnership/strategic partnership, breach of implied... Read more »

Posted: June 7, 2017

Fraud Claim Dismissed as Time-Barred; Plaintiffs Were on Inquiry Notice

On June 1, 2017, the First Department issued a decision in MBI International Holdings Inc. v. Barclays Bank PLC, 2017 NY Slip Op. 04381, affirming the dismissal of a fraud claim as time-barred because the plaintiffs were on inquiry notice of their claim more than two years before they brought suit, explaining: An action in... Read more »

Posted: May 9, 2017

Fiduciary Tolling Applied to Claim Seeking Both Legal and Equitable Relief

On April 20, 2017, Justice Scarpulla of the New York County Commercial Division issued a decision in Lemle v. Lemle, 2017 NY Slip Op. 30811(U), applying fiduciary tolling to a claim seeking both legal and equitable relief, explaining: In some actions, as plaintiff argues, the statute of limitation is tolled until the relationship terminates or... Read more »

Posted: April 28, 2017

Continuous Representation Doctrine Inapplicable if Limitation Period Set By Contract, Not Statute

On April 20, 2017, the First Department issued a decision in Aaron v. Deloitte Tax LLP, 2017 NY Slip Op. 03051, holding that the continuous representation tolling doctrine did not apply to an accounting malpractice claim where the limitations period applicable to the claim was set by contract, not statute, explaining: The engagement letter, which... Read more »

Posted: March 20, 2017

Statute of Limitations Runs From When Contract is Signed, Not When it is Dated

On March 9, 2017, the First Department issued a decision in Natixis Real Estate Capital Trust 2007-HE2 v. Natixis Real Estate Holdings, LLC, 2017 NY Slip Op. 01796, holding that the statute of limitations on a claim for breaches of representations and warranties accrues when the contract is signed, not when it is dated, explaining:... Read more »

Posted: March 8, 2017

Continuing Wrong Doctrine Does Not Save Plaintiff’s Claims Against Credit Card Issuer

On February 23, 2017, the First Department issued a decision in Henry v. Bank of America, 2017 NY Slip Op. 01436, holding that the continuing wrong doctrine did not save a plaintiff’s untimely claims, explaining: Plaintiff’s reliance on the continuing wrong doctrine to toll the limitations periods is misplaced. The continuous wrong doctrine is an... Read more »

Posted: February 14, 2017

First Department Affirms Dismissal of Investor Claims Against Rating Agencies as Time-Barred

On February 10, 2017, the First Department issued a decision in Varga v. McGraw Hill Financial, Inc., 2017 NY Slip Op. 01131, affirming the dismissal of RMBS investor claims against rating agencies as time-barred, explaining: Plaintiff’s claims were brought more than six years after the last purchase of securities (CPLR 213[8]) and thus are time-barred.... Read more »

Posted: January 24, 2017

Inquiry Notice of Fraud Existed When Party Received PPM That Contradicted Oral Promises

On January 19, 2017, First Department issued a decision in Hamrick v. Guralnick, 2017 NY Slip Op. 00400, holding that a party was on inquiry notice of an alleged fraud when it received a private placement memorandum containing statements that contradicted the oral representations upon which it was suing, explaining: The fraudulent inducement, negligent misrepresentation,... Read more »

Posted: January 20, 2017

No Dismissal on Foreign Statute of Limitations: Insufficient Evidence of Foreign Law

On January 9, 2017, Justice Kornreich of the New York County Commercial Division issued a decision in Multibank, Inc. v. Access Global Capital LLC, 2017 NY Slip Op. 30036(U), declining to dismiss an action based on a foreign statute of limitations because of insufficient evidence of foreign law, explaining: When a nonresident sues on a... Read more »

Posted: December 14, 2016

Law Firm Equitably Estopped from Asserting Defense Against Former Client

On December 6, 2016, the First Department issued a decision in Deep Woods Holdings LLC v. Pryor Cashman LLP, 2016 NY Slip Op. 08156, holding that a law firm was equitably estopped from arguing that an assignment did not include tort claims, explaining: [A]ccepting plaintiff’s affidavit in opposition to defendants’ motion as true, we find... Read more »