In today’s article, we examine Hofman v. Braun, 2025 N.Y. Slip Op. 34102(U) (Sup. Ct., N.Y. County Oct. 24, 2025), a case addressing the statute of limitations for a breach of fiduciary duty claim and the continuous wrong doctrine.

In Celauro v. Celauro, 2025 N.Y. Slip Op. 04870 (Sept. 10, 2025), a minority shareholder of a family-owned business alleged that company executives operated an illicit cash business, diverted profits and deprived shareholders of distributions/dividends. The motion court dismissed most of the breach of fiduciary duty claim, finding many of the allegations to be time-barred under the six-year statute of limitations and the surviving claims too speculative.

In New York, as in most jurisdictions, statutes of limitation serve as a cutoff point for initiating legal action. In business litigation, parties often encounter statutes of limitation issues involving, inter alia, breach of fiduciary duty and fraud claims.

In New York, the statute of limitations for breach of fiduciary duty claims varies by remedy: three years for monetary relief, six years for equitable or fraud-based claims. A claim accrues when the fiduciary openly repudiates their duty or when damages occur. In Lambos v. Karabinis, a case that we examine today, the court found no clear repudiation of fiduciary duties, so the statute of limitations had not begun to run.

It has long been the law that the business judgment rule applies to the decisions made by boards of directors of residential cooperatives and condominiums.

By Jeffrey M. Haber From time to time, this Blog has written about lawsuits involving corporations, including those brought as shareholder derivative actions (here). As this Blog explained, a derivative action is a lawsuit brought by a shareholder of a company, on behalf, and for the benefit, of the company to enforce or defend a legal right or claim. Derivative actions seek the recovery of damages and/or equitable relief arising from unlawful or improper conduct engaged in b

By Jeffrey M. Haber Consider the following story. John Smith has worked for Jane Doe for 15 years. Doe runs a small, but profitable, media consulting business. Smith has been one of Doe’s most productive account executives, generating significant business over the 15 years of his employment. Though compensated well, Smith decides that he wants to open his own media consulting firm. Smith secretly advises Doe’s clients that he intends to strike out on his own and requests that

By Jeffrey M. Haber What type of fraud is Laurence Balter accused of? Laurence Balter, a former fund adviser and registered investment advisor, stands accused by the Securities and Exchange Commission ("SEC") of "multiple breaches of fiduciary duty." Breaches of fiduciary duty occur when financial advisers prioritize their own interests over those of their clients. The SEC accuses Balter, who was operating through Oracle Investment, located in Washington and Hawaii, of collec

What does the Labor Department fiduciary standard mean for financial advisors? After telegraphing its punch for almost 6 years, the Department of Labor recently announced the highly anticipated fiduciary standard regulation that will require financial advisors who provide investment recommendations for retirement accounts, such as 401(k)s and IRAs, to meet a fiduciary standard. These advisors are now required to put their clients' interests before their own, rather than adhe