Court Upholds Implied Covenant Claim Based on SPV’s Failure to Remain Sufficiently Capitalized to Pay Loan
Commercial Case Notes / Contracts

Court Upholds Implied Covenant Claim Based on SPV’s Failure to Remain Sufficiently Capitalized to Pay Loan

On September 5, 2024, the First Department issued a decision in Ria R Squared, Inc. v. DW Partners, LP, 2024 NY Slip Op. 04363, upholding a claim for the breach of the covenant of good faith and fair dealing based on an SPV’s failure to remain sufficiently capitalized to repay a loan . . . Continue reading Court Upholds Implied Covenant Claim Based on SPV’s Failure to Remain Sufficiently Capitalized to Pay Loan

Court Refuses to Allow Counsel to Withdraw Despite Unpaid Bills
Commercial Case Notes / Law Firms and Professional Ethics

Court Refuses to Allow Counsel to Withdraw Despite Unpaid Bills

On August 23, 2024, Justice Borrok of the New York County Commercial Division issued a decision in Altium Growth Fund, L.P. v. Tingo Group, Inc., 2024 NY Slip Op. 32993(U), refusing to allow counsel withdraw from a representation despite unpaid fees because of the disruption it would cause . . . Continue reading Court Refuses to Allow Counsel to Withdraw Despite Unpaid Bills

Discovery Motion Denied For Failure to Submit Affidavit Establishing Good Faith Efforts to Resolve Dispute
Commercial Case Notes / Discovery/Disclosure

Discovery Motion Denied For Failure to Submit Affidavit Establishing Good Faith Efforts to Resolve Dispute

On August 28, 2024, the Second Department issued a decision in Lewis v. Bartow, 2024 NY Slip Op. 04310, affirming the dismissal of a discovery motion for failure to submit an affidavit establishing the movant’s good faith efforts to resolve the dispute . . . Continue reading Discovery Motion Denied For Failure to Submit Affidavit Establishing Good Faith Efforts to Resolve Dispute

Plaintiff in Foreclosure Action Denied Summary Judgment Because of Insufficient Proof That Allonge was Attached to the Note
Commercial Case Notes / Real Property / Summary Judgment

Plaintiff in Foreclosure Action Denied Summary Judgment Because of Insufficient Proof That Allonge was Attached to the Note

On August 21, 2024, the Second Department issued a decision in Lakeview Loan Servicing, LLC v. Florio, 2024 NY Slip Op. 04256, denying plaintiff in a foreclosure action summary judgment because of insufficient proof that the allonge was attached to the note . . . Continue reading Plaintiff in Foreclosure Action Denied Summary Judgment Because of Insufficient Proof That Allonge was Attached to the Note

Prevailing Party Entitled to Interest on Attorneys’ Fees From Date of Success
Commercial Case Notes / Indemnification, Advancement and Attorneys' Fees

Prevailing Party Entitled to Interest on Attorneys’ Fees From Date of Success

On August 21, 2024, Justice Reed of the New York County Commercial Division issued a decision in Core Group Mktg. LLC v. MIP One Wall St. Acquisition LLC, 2024 NY Slip Op. 51093(U), holding that a prevailing party is entitled to interest on attorneys’ fees from the date on which the party was determined to be the prevailing party . . . Continue reading Prevailing Party Entitled to Interest on Attorneys’ Fees From Date of Success

Demand Futility Allegation Sufficiently Specific Based on Totality of Allegations
Commercial Case Notes / Derivative Actions

Demand Futility Allegation Sufficiently Specific Based on Totality of Allegations

On August 6, 2024, Justice Ruchelsman of the Kings County Commercial Division issued a decision in Kordonsky v. Brudoley, 2024 NY Slip Op. 32768(U), holding that demand futility allegations in a derivative action were sufficiently specific based on the totality of the allegations . . . Continue reading Demand Futility Allegation Sufficiently Specific Based on Totality of Allegations