Opinion ID: 2606154
Heading Depth: 1
Heading Rank: 7

Heading: i. given their contractual duty of diligence, brokers, through myers, breached their fiduciary duty to azer in misallocating available parking space as a part of their negotiation of the profit lease, resulting in damage to azer.

Text: By virtue of the judgment entered in Azer's favor and against Brokers based on the jury's findings of the latters' breach of fiduciary duty, Azer proved, inter alia, the following facts at trial: (1) SGM Partners (which, for present purposes, will be referred to as Azer) and Brokers executed an Exclusive Authorization of Lease (hereinafter, listing agreement), pursuant to which Azer granted to Brokers the exclusive right to negotiate a lease or leases for space in the property not already listed; (2) The listing agreement, by its express terms, obligated Brokers  diligently to pursue the procurement of a tenant in consideration for a commission. (Emphasis added.) The listing agreement also provided that if either [Azer] or Broker[s] commences any litigation to enforce the terms of this [agreement], the prevailing party shall be entitled to receive a reasonable attorney's fee from the other party ...; (3) Myers was a real estate agent employed by Brokers; (4) Myers, as an agent of Brokers, was bound by the terms of the listing agreement; (5) Myers, as an agent of Brokers and on behalf of Azer, negotiated a lease of space (hereinafter, Profit lease) in the property with Profit; (6) The terms of the Profit lease were prepared by Myers, who had substantial control over the lease transaction; (7) The Profit lease guaranteed to Profit a specified minimum amount of parking space incident to Profit's authorized use of the property; (8) Azer paid Brokers a substantial commission for procuring the Profit lease pursuant to the listing agreement; (9) Brokers, through Myers, owed Azer a fiduciary duty in obtaining a lessee and negotiating the Profit lease; (10) Brokers, through Myers, breached their fiduciary duty to Azer, in the course of negotiating the Profit lease, by misallocating the property's available parking space; and (11) As a result of Brokers' breach of fiduciary duty, Azer sustained damage, for which he was entitled to, and the jury awarded, compensatory damages.