Wiener v. Lazard Freres & Co.

Wiener and other partnership members (plaintiffs), facing bankruptcy and negotiating to keep their building from mortgagee Crossland, hired Lazard Freres (defendant) to arrange $45 million in financing, paying a $300,000 fee deemed fully earned under the commitment letter. Lazard demanded confidential property information before issuing the letter, Crossland rejected the initial offer, and a Lazard executive then took over negotiations -- but the plaintiffs alleged Lazard instead used their confidential information to strike a deal with Crossland on behalf of a different company. They sued for unjust enrichment and breach of fiduciary duty; the trial court dismissed the amended complaint, and they appealed.

Whether, under New York law, a plaintiff may sustain a claim for unjust enrichment based on the defendant's breach of a fiduciary duty.