“Sole Discretion” Provisions, Implied Covenants and Fiduciary Duties

Following the First Department’s recent decision in Shatz v. Chertok, partner Alexander Drylewski and associate Thania Charmani look at the New York Appellate Division’s treatment of causes of action for breach of the implied covenant of good faith and fair dealing in the face of a party’s a contractual right to exercise sole discretion.