Think New York Breach of Fiduciary Duty Claims Are Easy? Think Again
Under New York law, it is not always easy to succeed with breach of fiduciary duty claims. This is because the categories of people who actually qualify as fiduciaries are small, and plaintiffs also have to worry about statute of limitations issues that can impact their ability to bring a claim. In addition, breach of fiduciary duty claims must present specific allegations supported by evidence. Recently, Dubai bank Mashreq filed a $43 million breach of fiduciary duty lawsuit in New York against ING Groep and ING Investment Management. What does the international bank have to prove to win its claim?
The following is an overview of what Mashreq may try to prove under its New York breach of fiduciary duty action:
- That ING owed a fiduciary duty to Mashreq by virtue of a relationship that called for a higher level of trust.
- That ING was obligated to abide by the duties of good faith and loyalty with regard to its relationship with Mashreq.
- That ING placed its own best interest above that of Mashreq’s.
- As a result of ING’s misconduct, damages were incurred by Mashreq as a direct result.
In addition, Mashreq will have to present sufficient evidence, using specific details, to support the claim that a duty was breached. Broad, general allegations will not hold up in court. To learn more about breach of fiduciary duty claims, contact an experienced New York business litigation lawyer today. Call our office at (888) 497-3410 for a free consultation.