New York Court of Appeals
In the Matter of the Application of the People of the State of New York, by George S. Van Schaick, as Superintendent…
January 24, 1952303 N.Y. 423
Summary
The New York Court of Appeals held that the attorneys breached their fiduciary duty by purchasing trust certificates without full disclosure, required them to surrender the certificates and account for profits to the trust estate, modified the Appellate Division's order to reinstate those provisions, answered both certified questions in the negative, and remanded the case for further proceedings.