Summary Judgment in Lieu of Complaint Denied Because Guaranty Covered Both Payment and Performance
Commercial Case Notes / Summary Judgment

Summary Judgment in Lieu of Complaint Denied Because Guaranty Covered Both Payment and Performance

On June 11, 2024, Justice Cohen of the New York County Commercial Division issued a decision in Manhattan Real Estate Fund, LP v. Paz, 2024 NY Slip Op. 32017(U), denying a motion for summary judgment in lieu of complaint on a guaranty because the guaranty covered both payment and performance . . . Continue reading Summary Judgment in Lieu of Complaint Denied Because Guaranty Covered Both Payment and Performance

Contractual Liability Limitation Requiring Gross Negligence Requires Intentional Wrongdoing or Reckless Indifference
Commercial Case Notes / Contracts

Contractual Liability Limitation Requiring Gross Negligence Requires Intentional Wrongdoing or Reckless Indifference

On June 11, 2024, the First Department issued a decision in Brevet Direct Lending Short Duration Fund, L.P. v. Aprio LLP, 2024 NY Slip Op. 03128, holding that a contract term limiting liability to gross negligence requires intentional wrongdoing or reckless indifference to the rights of others . . . Continue reading Contractual Liability Limitation Requiring Gross Negligence Requires Intentional Wrongdoing or Reckless Indifference

Corporate Parent that Negotiated Agreement on Behalf of Subsidiary Can Be Bound by the Agreement
Commercial Case Notes / Contracts

Corporate Parent that Negotiated Agreement on Behalf of Subsidiary Can Be Bound by the Agreement

On May 29, 2024, Justice Masley of the New York County Commercial Division issued a decision in Gramercy Funds Mgt. LLC v. Schlumberger N.V., 2024 NY Slip Op. 31855(U), holding that a complaint had sufficiently alleged that a corporate parent that negotiated an agreement on behalf of a subsidiary was bound by the agreement . . . Continue reading Corporate Parent that Negotiated Agreement on Behalf of Subsidiary Can Be Bound by the Agreement

Fraud Claim Time-Barred Because of Plaintiff’s Failure to Sue Within Two Years of Being on Inquiry Notice of Possible Fraud
Commercial Case Notes / Statute of Limitation/Laches

Fraud Claim Time-Barred Because of Plaintiff’s Failure to Sue Within Two Years of Being on Inquiry Notice of Possible Fraud

On June 2, 2024, Justice Masley of the New York County Commercial Division issued a decision in Grosso v. Cy Twombly Found., 2024 NY Slip Op. 31905(U), holding that a fraud claim was untimely because of the plaintiff’s failure to sue within two years of being on inquiry notice of the possible fraud . . . Continue reading Fraud Claim Time-Barred Because of Plaintiff’s Failure to Sue Within Two Years of Being on Inquiry Notice of Possible Fraud