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, explaining:
Contrary to the Icahn defendants’ contention and the motion court’s conclusion, plaintiffs’ claims do not fail for lack of damages, as damages have never been considered to be an essential requirement for a cause of action founded on a breach of fiduciary duty. The function of an action for breach of fiduciary duty is not merely to compensate the plaintiff for wrongs committed by the defendant but to prevent them, by removing from trustees all inducement to attempt dealing for their own benefit in matters to which their trust relates.
(Internal quotations and citations omitted).