When bringing a breach of fiduciary duty claim in New York, perhaps the most important aspect of your case is to make sure that you file it in time. Breach of fiduciary duty actions are subject to a statute of limitations, just as with other causes of action. Breach of fiduciary duty claims are unique however, because the time limit that applies depends entirely on the nature of the relief that is being sought. It is therefore vital that you consult with an experienced New York business litigation lawyer to ensure that you file your claim within the correct period.
When a party fails to file their claim in time, it may cost them the case. A recent decision handed down by the US District Court for the Southern District of New York illustrates this point. In that case, a non-profit organization attempted to bring a breach of fiduciary duty action after its money managers invested their assets with Bernard Madoff. As many know, Bernie Madoff was operating a Ponzi scheme using his investors’ money.
Unfortunately for the plaintiff in that legal action, the judge held that too much time had passed since the exposure of Madoff’s fraud and since the time that the investment was made. The breach of fiduciary duty claim was therefore rejected.
In order to prevent this from happening to you, contact an experienced New York breach of fiduciary duty attorney for guidance. Call our office today at (888) 497-3410 for a consultation.