Practice point: A breach of fiduciary duty claim based on an alleged violation of Rule 105 of Regulation M of the Securities Exchange Act of 1934 is subject to a three-year rather than a six-year statute of limitations.
Student note: The issue of the statute of limitations may be considered for the first time on appeal because it does not depend on a matter outside the record.
Case: Beach v. Touradji Capital Mgt., LP, NY Slip Op 05757 (1st Dep't August 11, 2016)
Here is the decision.
Tomorrow's issue: CPLR 3126 and discovery violations.