![]() Supreme Court properly dismissed the breach of fiduciary duty claim as barred by the three-year statute of limitations. 01878, also decided by the First Department on March 25, 2021, the court held that: (Internal quotations and citations omitted). Since this lawsuit was commenced in June 2018, the second cause of action is timely. Katten concedes that the last act relevant to aiding and abetting breach of fiduciary duty occurred in July 2012. Plaintiff's claim against defendant Albert Hallac for breach of fiduciary duty is based on allegations of actual fraud hence, the statute of limitations for the claim against Katten for aiding and abetting Hallac's breach of fiduciary duty is six years. However, a cause of action for breach of fiduciary duty based on allegations of actual fraud is subject to a six-year limitations period. Katten contends that even if the claim for aiding and abetting breach of fiduciary duty is taken at face value, the statute of limitations is three years because plaintiff seeks damages, not equitable relief. However, to the extent the first and second causes of action are based on Katten's concealment of its malpractice and failure to disclose its conflicts of interest, they were correctly dismissed. ![]() ![]() The essence of these claims is not negligence or a failure to utilize reasonable care rather, plaintiff alleges intentional acts. The first and second causes of action - for aiding and abetting fraud and breach of fiduciary duty, respectively - are not time-barred malpractice claims in disguise. 01881, holding that the statute of limitations for a breach of fiduciary duty claim based on fraud was six years, explaining: On March 25, 2021, the First Department issued a decision in Wimbledon Fin. Categories Commercial, Fiduciary Duties, Statute of Limitations/Laches Statute of Limitations for Breach of Fiduciary Duty Claim Based on Fraud is Six Years, Not Three ![]()
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