Appeals court revives suit over breach of fiduciary duty

Posted on July 26th, 2017

Joshua S. Bauchner, Esq., a partner of Ansell Grimm & Aaron, P.C., and co-chair of the firm’s Litigation Department, and Michael H. Ansell, an associate with the firm, recently secured the reversal on appeal of Dennis T. Palmeri, Jr’s suit against his former attorneys at Willkie Farr & Gallagher LLP.

Palmeri alleged that Willkie unilaterally terminated its representation of him in favor of his employer, Ramius Securities, and then shifted responsibility for purported violations of FINRA’s rules onto him to protect its corporate client.  Palmeri claimed the law firm breached its fiduciary duty in violating his right to conflict free representation.

The trial court ruled that Palmeri failed to file his suit within the statute of limitations period, but the Appellate Division, First Department, unanimously disagreed and reinstated the case.  For the full story, please visit Law360, or the New York Law Journal.