On April 14, 2022, the First Department issued a decision in Jeremias v. Toms Capital LLC, 2022 NY Slip Op. 02495, holding that a faithless servant claim could not be based on actions taken to start a new business that did not use the plaintiff’s time or resources . . . Continue reading Faithless Servant Doctrine Does Not Apply to Actions That Did Not Use Plaintiff’s Time or Resources
On April 11, 2022, Justice Borrok of the New York County Commercial Division issued a decision in Alesco Preferred Funding VIII, Ltd. v. ACP RE, Ltd., 2022 NY Slip Op. 50258(U), holding that creditor could not assert a breach of fiduciary duty claim under Delaware law . . . Continue reading Creditors Do Not Have Standing to Bring a Breach of Fiduciary Claim Under Delaware Law
On March 29, 2022, the First Department issued a decision in Matter of Grgurev v. Licul, 2022 NY Slip Op. 02088, holding that a plaintiff had an absolute right to an accounting notwithstanding the existence of an adequate remedy at law . . . Continue reading Fiduciary Must Give Accounting Notwithstanding the Existence of an Adequate Remedy at Law
On January 17, 2022, Justice Masley of the New York County Commercial Division issued a decision in Eccles v. Shamrock Capital Advisors, LLC, 2022 NY Slip Op. 30187(U), holding that holders of less than a majority of a company’s shares did not have a fiduciary duty to the company . . . Continue reading Holders of Less than a Majority of Company’s Shares Did Not Have a Fiduciary Duty to Company
On January 20, 2022, Justice Masley of the New York County Commercial Division issued a decision in 220 E. 26th St. LLC v. Kaled Mgt. Corp., 2022 NY Slip Op. 30195(U), refusing to dismiss claims that a property manager had a fiduciary duty to the property owner . . . Continue reading Property Manager Has Fiduciary Duty
On November 18, 2021, the First Department issued a decision in Miami Firefighters’ Relief & Pension Fund v. Icahn, 2021 NY Slip Op. 06446, holding that damages was not an element of a claim for breach of fiduciary duty . . . Continue reading Damages Not an Element of Claim for Breach of Fiduciary Duty
On October 7, 2021, Justice Emerson of the Suffolk County Commercial Division issued a decision in JRAP Enters., Inc v. Zucaro Constr., LLC, 2021 NY Slip Op. 50967(U), holding that the existence of a joint venture depends on an agreement to share both profits and losses . . . Continue reading Joint Venture Must Include Sharing of Profits and Losses
