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WHERE FRAUD IS THE BASIS OF A CLAIM FOR BREACH OF FIDUCIARY DUTY, THE STATUTE OF LIMITATIONS IS SIX YEARS (FIRST DEPT).

The First Department determined that where the basis of a claim for aiding and abetting breach of fiduciary duty is fraud, the statute of limitations is six years:

[Defendant] 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, “a cause of action for breach of fiduciary duty based on allegations of actual fraud is subject to a six-year limitations period” … . 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. Wimbledon Fin. Master Fund, Ltd. v Hallac, 2021 NY Slip Op 01881, First Dept 3-25-21

 

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