Endless Ocean v. Twomey, Latham, Shea, Kelley, Dubin, & Quartararo

979 N.Y.S.2d 84 (2014)

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Endless Ocean v. Twomey, Latham, Shea, Kelley, Dubin, & Quartararo

New York Supreme Court, Appellate Division
979 N.Y.S.2d 84 (2014)

Facts

Endless Ocean, LLC (plaintiff) engaged Twomey, Latham, Shea, Kelley, Dubin & Quartararo (Twomey) (defendant) as legal counsel in a real estate transaction. Twomey advised Endless Ocean to place a portion of the sale proceeds in a comingled account, rather than an escrow account, with a qualified intermediary. The qualified intermediary then filed for bankruptcy, and the comingled account was frozen for years during the bankruptcy proceedings. As a result, Endless Ocean could not access the sale proceeds and could not purchase a replacement property within the time frame that would have allowed it to defer capital-gains taxes on the original sale. Endless Ocean sued Twomey for legal malpractice. Twomey filed a motion to dismiss, which the trial court granted. Endless Ocean appealed.

Rule of Law

Issue

Holding and Reasoning (Mastro, J.)

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