Q: When Can I File Breach of Fiduciary Duty Lawsuit in New York?
A:When a company or person feels they have been wronged by another member of a contract, they can file a lawsuit for breach of fiduciary duty. A New York breach of fiduciary duty claim is different than a breach of contract, and is treated differently by the court of law.
A breach of fiduciary duty is created in a very limited set of circumstances where there is a level of trust and security that goes beyond a normal business relationship. This type of lawsuit can only be brought when courts deem the relationship to meet that level.
There are a few types of relationships that can fall under a fiduciary relationship:
- Financial Advisors
- Corporate Officers and Directors
- Real Estate Brokers
- Business Partners
There is also a New York breach of fiduciary duty statute of limitations for a lawsuit, and it must be made within the limit to be considered. There two levels of the limitations:
- Three Years: A claim that focuses on monetary compensation must be made within three years.
- Six Years: A claim can be made after up to six years if the claim is seeking an injunction against the employee, or when fraud is involved.
It’s fairly difficult to make a case for breach of fiduciary duty in New York, but if you feel your company has been wronged and you want to bring a lawsuit against another signer of a contract, a New York business lawyer can answer questions you have about what steps to take next. Contact the Law Offices of Jonathan M. Cooper for a free consultation. Also be sure to order your FREE copy of When You Don’t Have a Written Agreement to get started.