Issue: What statute of limitations applies to an action for breach of fiduciary duty under New York law?
Area of Law:
Litigation & Procedure
Breach of fiduciary duty; Statute of limitations
The question which statute of limitations applies to an action for breach of fiduciary duty depends upon the remedy sought. A six-year statute of limitations applies when an equitable remedy is sought, and a three-year limitation period applies when the plaintiff seeks damages. See South Shore Neurologic Assocs., P.C. v. Ruskin Moscou Faltischek, P.C., 31 Misc. 3d 1222(A), 930 N.Y.S.2d 177 (Sup. Ct. Suffolk County May 4, 2011).
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