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Decision of Note
The U.S. District Court for the Southern District of New York decided that musician Yngwie Malmsteen's claim, that his business manager failed to alert him about the alleged mishandling of his monies by his personal manager, wasn't subject to dismissal under a three-year statute of limitations for accounting malpractice. Malmsteen v. Berdon LLP, 05 Civ. 958(RJH).
The district court noted: 'Plaintiff's claims against [former business manager Michael] Mitnick are not based on any lack of skill in performing traditional accounting tasks, such as providing bookkeeping services, preparing tax returns, and reconciling bank accounts. Rather, most claims are based on an alleged duty that Mitnick owed plaintiff to alert him to any inappropriate transfers of his income; such duty arose, if at all, from Mitnick's position of trust and his alleged agreement to act on behalf of plaintiff in all financial matters.'
The court added: '[S]hould plaintiff successfully amend his complaint to assert viable fraud and contract claims, he may thereby be able to assert breach of fiduciary duty claims that are subject to a six-year limitations period. At present, however, plaintiff's breach of fiduciary duty claim [seeking compensatory damages without viable fraud and contract claims] is subject to a three-year limitations period and shall be dismissed.'
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