An v Long Is. Bd. of Realtors

Holding The Appellate Division reversed the lower court’s denial of dismissal for the negligence, breach of fiduciary duty, and unjust enrichment claims, finding that the plaintiffs’ allegations were based solely on contractual relationships or failed to establish necessary elements like justifiable reliance or consumer-oriented conduct. The court affirmed the dismissal of the fraud, conspiracy, and injurious falsehood claims, noting that the plaintiffs could not reasonably rely on the defendants’ representations and the injurious falsehood claim was time-barred.

The court’s words

The plaintiffs had the means available to them of knowing, by the exercise of ordinary intelligence, that the "Ethics Notification" course on January 1, 2020, would not satisfy the requirement in LIBOR's determination.

2026 NY Slip Op 05758, at the official text

A corporation does not owe fiduciary duties to its members or shareholders

2026 NY Slip Op 05758, at the official text

Unjust enrichment is not a catchall cause of action to be used when others fail. It is available only in unusual situations when, though the defendant has not breached a contract nor committed a recognized tort, circumstances create an equitable obligation running from the defendant to the plaintiff

2026 NY Slip Op 05758, at the official text

The complaint failed to allege that a benefit was conferred on the individual defendants from the imposition of the $5,000 fine on the plaintiffs or from the purported lost business opportunities the plaintiffs incurred following their suspension from LIBOR services.

2026 NY Slip Op 05758, at the official text