OPINION & ORDER The facts underlying this case occurred ten years ago, and litigation has been pending nearly as long. In October 2010, trader Anthony Buendia (“Buendia” or “Defendant”) took a losing short position (the “Position”) on a newly-issued Chinese Exchange Traded Fund (“ETF”) called PEK, costing his employer SEG Capital, LLC (“SEG”) significantly. His alleged Position was in excess of a $5 million trading limit SEG had imposed on Buendia. SEG ceased trading operations soon after, and, in December 2010, sued Buendia for breach of contract, breach of fiduciary duty, and several other claims not relevant here. The case wound its way through state court until the parties stipulated to a discontinuance in 2012. In 2014, SEG assigned its claims to Alexander Kaplin (“Kaplin” or “Plaintiff”), who filed the instant case in 2015. Over the course of the next four years, this Court dismissed one of Plaintiff’s claims, and Plaintiff withdrew two others. In November 2019, Defendant moved for summary judgment on (1) the issue of whether Defendant exceeded trading limits set by SEG; (2) Plaintiff’s remaining claims for (a) breach of contract (Count I) and (b) breach of fiduciary duty (Count II); and (3) Plaintiff’s request for punitive damages. For the reasons discussed in detail below, Defendant’s motion for summary judgment on the issue of whether Defendant exceeded trading limits SEG set is DENIED. Summary judgment on Counts I and II is GRANTED in part and DENIED in part. The Court defers ruling on Plaintiff’s request for punitive damages, as explained below in Section E(2). BACKGROUND I. Procedural Background Unless otherwise indicated, the following facts are undisputed.1 In December 2010, SEG sued Buendia in New York State court for breach of contract, breach of fiduciary duties, tortious interference with economic advantage, and unjust enrichment, all in connection with Buendia’s taking of the Position. Am. Compl.
57-58 ECF No. 7. In October 2012, SEG and Buendia signed a stipulation discontinuing the action without prejudice. Id. at 64. In September 2014, SEG assigned to Kaplin all its claims and causes of action related to Buendia’s conduct at SEG. Id. at 67. Kaplin filed this action on January 29, 2015. Compl., ECF No. 1. His Amended Complaint contained four claims: (1) breach of contract based on Buendia taking an unauthorized trading position with intent to harm SEG and failing to reimburse SEG for advances to Buendia and his traders (Am. Compl.
