Nomura Settles with AMBAC
On January 3, 2023, AMBAC announced that it had settled its claim against Nomura for securitizing defective loans for $140 million.
Court Denies Extra Time for Service Based on Lack of Diligence
On January 3, 2023, Justice Reed of the New York County Commercial Division issued a decision in Ardel Constr. & Design Group, Corp. v. VBG 990 AOA LLC, 2023 NY Slip Op. 50003(U), denying a motion to extend time to serve because of the plaintiff’s failure to diligently attempt to serve within the 120 days set by statute . . . Continue reading Court Denies Extra Time for Service Based on Lack of Diligence
Party Granted Ownership of Property Through Adverse Possession
On January 5, 2023, the First Department issued a decision in Golobe v. Altchek, 2023 NY Slip Op. 00031, affirming a grant of ownership by adverse possession . . . Continue reading Party Granted Ownership of Property Through Adverse Possession
Court May Dismiss Based on a Prior Pending Action Even When the Legal Theories are not Identical
On November 30, 2022, Justice Chan of the New York County Commercial Division issued a decision in Charles Condominiums, LLC v. Victor RPM First, LLC, 2022 NY Slip Op. 34067(U), holding that a court may dismiss claims based on a prior pending action even when the legal theories are not identical . . . Continue reading Court May Dismiss Based on a Prior Pending Action Even When the Legal Theories are not Identical
Legal Malpractice Claim Fails for Insufficient Allegations of Causation
On December 20, 2022, Justice Chan of the New York County Commercial Division issued a decision in Gad v. Kramer Levin Naftalis & Frankel, LLP, 2022 NY Slip Op. 34357(U), dismissing a legal malpractice claim for failure adequately to allege causation . . . Continue reading Legal Malpractice Claim Fails for Insufficient Allegations of Causation
Even When Contract Grants Party Absolute Discretion, That Discretion May not be Exercised Arbitrarily or Irrationally
On December 19, 2022, Justice Chan of the New York County Commercial Division issued a decision in MLCJR, LLC v. PDP Group, Inc., 2022 NY Slip Op. 34345(U), holding that even when a contract grants a party absolute discretion, that discretion may not be exercised arbitrarily or irrationally . . . Continue reading Even When Contract Grants Party Absolute Discretion, That Discretion May not be Exercised Arbitrarily or Irrationally
Financial Hardship is No Justification for Breaching Contract
On December 22, 2022, Justice Reed of the New York County Commercial Division issued a decision in J.P. Morgan Ventures Energy Corp. v. Miami Wind I, LLC, 2022 NY Slip Op. 51308(U), holding that financial hardship was no excuse for failing to perform a contract . . . Continue reading Financial Hardship is No Justification for Breaching Contract
Action Dismissed for Failure Timely to Move for Default Judgment
On December 28, 2022, the Second Department issued a decision in Deutsche Bank Trust Co. Ams. v. Smith, 2022 NY Slip Op. 07436, holding that where a plaintiff unreasonably fails to move for default judgment within a year of the default, the action must be dismissed . . . Continue reading Action Dismissed for Failure Timely to Move for Default Judgment
Whether Law Firm Partner was an Employee That Could Avoid Arbitration Outside California Question for Arbitrator to Decide
On December 29, 2022, the First Department issued a decision in Matter of Dentons US LLP v. Zhang, 2022 NY Slip Op. 07498, holding that whether a law firm partner was an employee for the purposes of Section 925 of the California Labor Code, which limits out-of-state arbitrations, was a question for the arbitrator to decide . . . Continue reading Whether Law Firm Partner was an Employee That Could Avoid Arbitration Outside California Question for Arbitrator to Decide
Pre-Breach Agreement to Waive Statute of Limitations Unenforceable
On December 9, 2022, Justice Cohen of the New York County Commercial Division issued a decision in Nelson Bros. W. Seneca, LLC v. Kaplan, 2022 NY Slip Op. 34240(U), holding that a pre-breach agreement to waive the statute of limitations is unenforceable . . . Continue reading Pre-Breach Agreement to Waive Statute of Limitations Unenforceable