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ADT v. CHASE MANHATTAN BANK

173 Misc.2d 959 (1997)

662 N.Y.S.2d 190

ADT Operations, Inc., Plaintiff, v. Chase Manhattan Bank, N. A., Defendant.

Supreme Court, New York County.

June 25, 1997

Attorney(s) appearing for the Case

Simpson Thacher & Bartlett, New York City (Melvyn L. Cantor, David Woll, John D. Soriano, Jenniffer A. Hand and Hillel Parness of counsel), for defendant. Newman Tannenbaum Helpern Syracuse & Hirschtritt, L. L. P., New York City (Vincent J. Syracuse, Ralph A. Siciliano, David A. Pelligrino, John-Patrick Curran and Andrew W. Singer of counsel), for plaintiff.

HERMAN CAHN, J.

The primary question presented in this action, novel in New York and most other jurisdictions, is whether a commercial bank breaches a fiduciary duty by agreeing to finance the hostile takeover of one corporate customer by another. The court finds that a bank has no per se obligation to refrain from such participation and that plaintiff has not pleaded...

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