Laches.

Practice point: The defense is unavailable to the claims of breach of contract, breach of fiduciary duty, and for the return of management fees.

Student note: Although brought together as a derivative action, these causes of action are not equitable in nature.

Case: Garber v. Stevens, NY Slip Op 02437 (1st Dept. 2012).

Here is the decision.

Tomorrow’s issue: Premises liability cases.