Salm v. Feldstein
New York Supreme Court, Appellate Division
799 N.Y.S.2d 104 (2005)
World Wide Automotive, LLC (WWA) was owned in equal part by the plaintiff and the defendant, its only two members. The defendant was the managing member. In early June 2003, the defendant bought the plaintiff’s share for roughly $5 million. Two days later, the defendant sold the business to a third party for $16 million. The plaintiff then sued the defendant, alleging breach of fiduciary duty and fraud. The plaintiff claimed the defendant did not inform him of the $16 million offer prior to purchasing the plaintiff’s interest. Instead, the complaint alleges, the defendant estimated the company’s value at between $5 and $6 million. The defendant claimed he did not withhold any information, and further argued that disclaimers in his contract with the plaintiff protected him from the plaintiff’s claims. The trial court granted the defendant’s motion for summary judgment prior to discovery. The plaintiff appealed.
Rule of Law
Holding and Reasoning (Per curiam)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 175,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.