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HABBERSTAD v. REVERE SEC. LLC

11565. 655993/17.

183 A.D.3d 532 (2020)

122 N.Y.S.3d 888

2020 NY Slip Op 03071

Susan A. Habberstad et al., Appellants, v. Revere Securities LLC et al., Defendants, and Peter Nussbaum et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided May 28, 2020.

Plaintiffs' claim for breach of fiduciary duty founders on the governing trust agreement's exculpatory clause, which expressly relieved the trustees, including Nussbaum, of liability for acts and omissions other than willful misconduct (see Matter of Jastrzebski, 97 A.D.3d 819, 821 [2d Dept 2012]). Plaintiffs' attempt to circumvent the exculpatory clause by pointing to the alleged malfeasance of Nussbaum's fellow trustee and co-fiduciary...

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