Cause of Action for Breach of Fiduciary Duty New York

In order to establish a cause of action sounding in breach of fiduciary duty, the plaintiff is required to establish the existence of a fiduciary relationship, misconduct by the defendant and damages, which directly flowed from such misconduct (Kurtzman v. Bergstol, 40 AD3d 588, 835 NYS2d 644 (2d Dept., 2007); Ozelkan v. Tyree Bros. Environmental Services, Inc., 29 AD3d 877, 815 NYS2d 265 [2d Dept., 2006]). In New York an action sounding in breach of fiduciary duty is not governed by a single statute of limitations and "rather, the choice of the applicable limitations period depends on the substantive remedy sought by the plaintiff" (Monaghan v. Ford Motor Company, 71 AD3d 848, 897 NYS2d 482 [2d Dept., 2010]). Where a plaintiff is demanding a remedy which is "purely monetary in nature", courts construe actions as alleging "injuries to property" within the meaning of CPLR 214(4), which has a three-year limitations period" (id.).