Koppel v. 4987 Corp

In Koppel v. 4987 Corp [SD NY 2001], Wien & Malkin's letter soliciting consent of participants of the owning partnership to the sale of 498 Seventh Avenue contained a "detailed section entitled 'Potential Conflicts of Interest' " which disclosed the amounts Mr. Malkin would receive upon the sale. Indeed, in Koppel, which appears to be the only reported case to have considered the issue of whether Wien & Malkin breached its fiduciary duties under state law where it had disclosed its dual role but failed to obtain consent to this conflict of interest, the court apparently found a breach but that plaintiffs had not established resulting injury. (Id.)