Salm v. Feldstein

20 A.D.3d 469, 799 N.Y.S.2d 104 (2005)

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Nature of the Case

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Facts

P and D were members of World Wide Automotive, LLC which owned an automobile dealership. Each had an equal financial interest in the company. D was the managing member of the company. D purchased P's membership interest in the company under a redemption and settlement agreement providing for a payment to the P in the sum of $3,750,000, and a consulting contract with P which would pay him a five-year aggregate sum of $1,350,000. D then sold the dealership two days later to a nonparty for the sum of $16 million. P commenced this action against D to recover damages for breach of fiduciary duty and fraud. D moved for summary judgment dismissing the complaint and P cross-moved to compel discovery. The Supreme Court granted the motion and denied the cross-motion.