On June 15, 2023, the Court of Appeals issued a decision in IKB Intl., S.A. v. Wells Fargo Bank, N.A., 2023 NY Slip Op. 03302, holding that a no-action clause Continue reading No-Action Clause Cannot Bar Claim Against RMBS Trustee
On June 9, 2023, the Fourth Department issued a decision in Fields Enters. Inc. v. Bristol Harbour Vil. Assn., Inc., 2023 NY Slip Op. 03165, holding that a third-party beneficiary claim failed for lack of a showing of intent to benefit . . . Continue reading Third-Party Beneficiary Claim Fails for Lack of Showing of Intent to Benefit
On June 8, 2023, the First Department issued a decision in Crestview SPV, LLC v. Crestview Fin., LLC, 2023 NY Slip Op. 03070, holding that a conversion claim should be dismissed as duplicative of a breach of contract claim . . . Continue reading Conversion Claim Dismissed as Duplicative of Contract Claim
On May 30, 2023, the First Department issued a decision in ERA Capital L.P. v. Soleil Chartered Bank, 2023 NY Slip Op. 02845, holding that even though the defendant did not have a fiduciary duty to the plaintiff, it had a sufficiently close relationship that it could be held liable for negligence . . . Continue reading Even Though Defendant Did Not Have a Fiduciary Duty to the Plaintiff, it Had a Sufficiently Close Relationship That it Could be Liable for Negligence
On May 18, 2023, Justice Ruchelsman of the Kings County Commercial Division issued a decision in Comfort Living Furniture Inc. v. McDonald Design Furniture Inc., 2023 NY Slip Op. 31691(U), holding that contribution was unavailable for a breach of contract claim, but was available for a negligence claim . . . Continue reading Contribution Unavailable For Breach of Contract Claim
On May 25, 2023, the First Department issued a decision in SureFire Dividend Capture, LP v. Industrial & Commercial Bank of China Fin. Servs. LLC, 2023 NY Slip Op. 02841, holding that a fraud claim relating to a contract or note can be assigned, but that the agreement transferring the claim must show an intent to transfer the claim . . . Continue reading Fraud Claim Relating to a Contract or Note May be Assigned, But Assignment Agreement Must Show Intent to Transfer
On May 25, 2023, the First Department issued a decision in Mulacek v. ExxonMobil Corp., 2023 NY Slip Op. 02829, holding that a challenge to a merger was barred by a no-action clause . . . Continue reading Challenge to Merger Barred by No Action Clause
On May 4, 2023, Justice Boddie of the Kings County Commercial Division issued a decision in ONH 14 53rd ST, LLC v. TPG RE Fin. 2, Ltd., 2023 NY Slip Op.. 50421(U), holding that a promissory estoppel claim failed because the plaintiff’s actions were not unequivocally referable to the alleged promise . . . Continue reading Promissory Estoppel Claim Fails Because Plaintiff’s Actions Were Not Unequivocally Referable to the Alleged Promise
On May 10, 2023, the Second Department issued a decision in Y.B. Assoc. Group, LLC v. Rubin, 2023 NY Slip Op. 02558, holding that an LLC member was not liable for an LLC’s obligations under an agreement the member had signed on behalf of the LLC . . . Continue reading LLC Member not Liable for LLC’s Obligations Under Agreement Member Signed on Behalf of LLC
On April 19, 2023, Justice Ruchelsman of the Kings County Supreme Court issued a decision in Jiang v. Howe, 2023 NY Slip Op. 31304(U), holding that the Statute of Frauds barred a contract claim relating to a real estate investment . . . Continue reading Statute of Frauds Bars Claim Regarding Real Estate Investment
