Richard A. Bernstein, on Behalf of Himself and All Others Similarly Situated, Appellant,
v.
Kelso & Company, Inc., et al., Respondents
Appellate Division of the Supreme Court of the State of New York, First Department.https://leagle.com/images/logo.png
July 1, 1997
July 1, 1997
Attorney(s) appearing for the Case
Leon P. Gold of counsel, New York City (Herman L. Goldsmith and Amy H. Held on the brief; Proskauer Rose Goetz & Mendelsohn, L. L. P., attorneys), for appellant.
Robert E. Zimet of counsel, New York City (Susan L. Saltzstein, Jonathan R. Goldblatt and Helen L. Monaco on the brief; Skadden, Arps, Slate, Meagher & Flom, L. L. P., attorneys), for Kelso & Company, Inc. and others, respondents.
Michael S. Feldberg of counsel, New York City (Alan R. Glickman and Linda R. Daly on the brief; Schulte Roth & Zabel, L. L. P., attorneys), for Steven B. Nielsen and others, respondents.
ROSENBERGER, J. P., WALLACH and RUBIN, JJ., concur.
Appellate Division of the Supreme Court of the State of New York, First Department.
NARDELLI, J.
Almost 70 years ago, Chief Judge Cardozo of the Court of Appeals set forth a fiduciary standard in words that have resounded down through the decades: "Many forms of conduct permissible in a workaday world for those acting at arm's length, are forbidden to those bound by fiduciary ties. A trustee is held to something stricter than the morals of the market...
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