A minority shareholder’s $40 million fiduciary breach claims against the directors of a Cayman Islands company were revived Thursday by a Manhattan appeals court, which held that he should be allowed to replead the claims under New York law.
A three-judge majority of the Appellate Division, First Department, said plaintiff Paul Davis should have had the opportunity to recast the claims under the First Department’s precedent set in Brinckerhoff v. JAC Holding Corp., 10 AD3d 520 (1st Dept 2004).
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