On June 20, 2023, the First Department issued a decision in Cresco Labs N.Y., LLC v. Fiorello Pharms., Inc., 2023 NY Slip Op. 03305, holding that a plaintiff was not entitled to consequential damages for breach of a letter of intent . . . Continue reading Plaintiff Not Entitled to Consequential Damages for Breach of Letter of Intent
On June 15, 2023, the First Department issued a decision in Barnett v. Berkowitz, 2023 NY Slip Op. 03286, holding that a claim for breach of the duty of good faith and fair dealing can exist when the defendant has not breached a term of a contract . . . Continue reading Claim for Breach of the Duty of Good Faith and Fair Dealing Can Exist Even When a Contract Term Has Not Been Breached
On June 15, 2023, the First Department issued a decision in Parkmerced Invs., LLC v. WeWork Cos. LLC, 2023 NY Slip Op. 03290, holding that a breach of contract claim cannot be based on a term sheet that by its terms is non-binding . . . Continue reading Contract Claim Cannot Be Based on Term Sheet That By its Terms is Non-Binding
On June 13, 2023, the First Department issued a decision in RCM Tech. Inc. v. Maric Mech., Inc., 2023 NY Slip Op. 03210, holding that a “whereas” clause did not create contractual rights . . . Continue reading Whereas Clause Does Not Create Contractual Rights
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
