On November 14, 2019, the First Department issued a decision in Matter of Yin Shin Leung Charitable Found. v. Seng, 2019 NY Slip Op. 08261, holding that the open repudiation toll doctrine was inapplicable to a claim for money damages for a breach of fiduciary duty, explaining:
The breach of fiduciary duty claims are barred by the applicable six-year statute of limitations, since respondents had openly repudiated all the fiduciary duties that petitioners allege they breached by no later than November 16, 2007, and petitioners did not commence this proceeding until December 2013. Moreover, the open repudiation toll doctrine does not apply to the claims asserted for money damages.
(Internal citations omitted).
It is not unusual for the statute of limitations to be an issue in complex commercial litigation. Contact Schlam Stone & Dolan partner John Lundin at firstname.lastname@example.org if you or a client have questions regarding whether a claim is barred by the statute of limitations.
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