In a November 3, 2008 decision, Justice Ramos denied a motion to dismiss an unjust enrichment claim based upon the statute of limitations. The plaintiff brought claims against its former CEO and Chair of its Board of Directors (Alexander) and a former director, corporate secretary and General Counsel (Sorkin) based upon an alleged stock option back-dating scheme.
Justice Ramos denied Sorkin’s motion to dismiss the unjust enrichment claim, finding that while the last act of misconduct arguably occurred more than six-years before the commencement of the action, that Sorkin’s misconduct was the direct cause of the long delay in the commencement of the action and therefore he was equitably estopped from asserting a statute of limitations defense.