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Kenneth D. Laub & Co. v. Bear Stearns Companies

Appellate Division of the Supreme Court of New York, First Department
Dec 19, 2000
278 A.D.2d 121 (N.Y. App. Div. 2000)

Opinion

December 19, 2000.

Order, Supreme Court, New York County (Charles Ramos, J.), entered March 22, 2000, which granted defendants' motion for summary judgment dismissing the complaint, unanimously affirmed, with costs. Appeal from order, same court and Justice, entered on or about October 28, 1999, which, to the extent appealed from, denied plaintiff's cross motion for reconsideration of an earlier discovery order, unanimously dismissed, as academic, without costs.

David Boies, for plaintiff-appellant.

Kevin L. Smith, for defendants-respondents.

Before: Mazzarelli, J.P., Wallach, Rubin, Friedman, JJ.


The evidence establishes as a matter of law that, in violation of its fiduciary duty, plaintiff broker failed to disclose to defendants, its principals, that it had agreements with third-parties to receive commissions in connection with the leasing of two properties, 383 Madison Avenue and 1271 Avenue of the Americas, which plaintiff was proposing that defendants lease (see, Guice v. Charles Schwab Co., 89 N.Y.2d 31, 45, cert denied 520 U.S. 1118). Plaintiff therefore forfeited any right to compensation for its services (see, Murray v. Beard, 102 N.Y. 505, 508). Although plaintiff asserts that there is a need for further discovery as to whether it had, in fact, disclosed its third-party commission agreements to defendants, we perceive no reason why plaintiff would not itself be in possession of sufficient proof in regard to this issue so as to raise a triable issue of fact.

Were we to reach the issue of the Statute of Frauds, we would find that the oral agreement, as alleged, was capable of being performed within one year, and therefore it fell outside the statute (see, Cron v. Hargo Fabrics, Inc., 91 N.Y.2d 362, 366).

THIS CONSTITUTES THE DECISION AND ORDER OF SUPREME COURT, APPELLATE DIVISION, FIRST DEPARTMENT.


Summaries of

Kenneth D. Laub & Co. v. Bear Stearns Companies

Appellate Division of the Supreme Court of New York, First Department
Dec 19, 2000
278 A.D.2d 121 (N.Y. App. Div. 2000)
Case details for

Kenneth D. Laub & Co. v. Bear Stearns Companies

Case Details

Full title:KENNETH D. LAUB COMPANY, INC., PLAINTIFF-APPELLANT, v. THE BEAR STEARNS…

Court:Appellate Division of the Supreme Court of New York, First Department

Date published: Dec 19, 2000

Citations

278 A.D.2d 121 (N.Y. App. Div. 2000)
718 N.Y.S.2d 45

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