John St Martin of the Oakleaf Group recently published an analysis for the effect of forbearance underpayments on RMBS trust terminations . . . Continue reading RMBS Optional Terminations: More on Forbearance Underpayments
On August 4, 2022, Justice Borrok of the New York County Commercial Division issued a decision in W Mgt. Servs. Ltd. v. Fanning, 2022 NY Slip Op. 32637(U), dismissing a fraudulent inducement defense on summary judgment where the alleged misrepresentation was contradicted by the terms of the parties’ agreement . . . Continue reading Fraudulent Inducement Claim Fails Where Alleged Misrepresentations Were Contradicted by Agreement’s Terms
On August 3, 2022, Justice Crane of the New York County Commercial Division issued a decision in Lotwala v. Dhabuwala, 2022 NY Slip Op. 32639(U), holding that tax filings were evidence, but not proof, of membership in an LLC . . . Continue reading Tax Filings Are Evidence, but not Proof, of LLC Membership
On August 3, 2022, Justice Chan of the New York County Commercial Division issued a decision in Chaar v. Arab Bank P.L.C., 2022 NY Slip Op. 32666(U), holding that use of correspondent banks was insufficient to create quasi-in-rem jurisdiction over Lebanese banks in New York . . . Continue reading Use of Correspondent Banks Insufficient to Create New York Jurisdiction
On August 10, 2022, the Second Department issued a decision in Brasil-Puello v. Weisman, 2022 NY Slip Op. 04893, holding that a defaulting defendant was not entitled to take discovery in connection with a damages inquest . . . Continue reading Defaulting Party Not Entitled to Take Discovery in Connection with Damages Inquest
On August 10, 2022, the Second Department issued a decision in Deutsche Bank Natl. Trust Co. v. Khalil, 2022 NY Slip Op. 04898, holding that a plaintiff did not untimely seek a default judgment when it began the process of obtaining a judgment within a year of the defendant’s failure to appear . . . Continue reading Motion for Default Judgment Not Untimely When Delay Caused by the Court
On July 27, 2022, Justice Crane of the New York County Commercial Division issued a decision in UBS Sec. LLC v. Highland Capital Mgt., L.P., 2022 NY Slip Op. 32573(U), refusing to award punitive damages because the defendant’s conduct was not directed at the public . . . Continue reading Punitive Damages Claim Fails Because Conduct Was Not Directed at the Public
On July 29, 2022, Justice Reed of the New York County Commercial Division issued a decision in Brawer v. Lepor, 2022 NY Slip Op. 50694(U), holding that the fiduciary exception to attorney-client protection does not apply when the fiduciary seeks legal advice to protect its own interests in litigation . . . Continue reading Fiduciary Exception to Attorney-Client Privilege Protection Does Not Apply Where Fiduciary Seeks Advice to Protect its Interests in Litigation
On August 4, 2022, the Fourth Department issued a decision in Koike Aronson, Inc. v. Bearing Distribs., Inc., 2022 NY Slip Op. 04834, holding that an order confirmation form is not a counteroffer that, if accepted by performance, incorporates the form’s terms into the parties’ agreement . . . Continue reading Order Confirmation Form is not a Counteroffer That if Accepted by Performance Incorporates the Form’s Terms into the Parties’ Agreement
On August 4, 2022, the Fourth Department issued a decision in Salansky v. Empric, 2022 NY Slip Op. 04844, holding that shareholders may require unanimous consent to amend a certificate of incorporation even though the BCL requires only majority consent . . . Continue reading Shareholders May Require Unanimous Consent to Amend Certificate of Incorporation Even Though BCL Requires Only Majority Consent
