A divided state appellate panel has reinstated a lawsuit over a Manhattan real estate deal, finding that an agreement between the parties that they did not have a fiduciary relationship did not preclude all breach of fiduciary duty claims.
The 3-2 panel of the Appellate Division, First Department ruled in Pappas v. Tzolis, 601115/09, that Judicial Hearing Officer Ira Gammerman in Manhattan had interpreted an agreement limiting fiduciary duty between the parties too broadly when he dismissed the entire case.
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