On September 14, 2023, Justice Schecter of the New York County Commercial Division issued a decision in Han v. Kwak, 2023 NY Slip Op. 33207(U), holding that rescission and rescissory damages are unavailable against a defendant who is not a party to the transaction that he fraudulently induced.” Continue reading Rescission and Rescissory Damages Unavailable When Defendant is Not Contractual Counterparty
On September 5, 2023, Justice Doyle of the 7th Judicial District Commercial Division issued a decision in Byzfunder NY LLC v. Holy City Collision LLC, 2023 NY Slip Op. 50941(U), refusing to enforce a liquidated damages provision as an unenforceable penalty . . . Continue reading Court Refuses to Enforce Liquidated Damages Provision as an Unenforceable Penalty
On June 25, 2023, Justice Masley of the New York County Commercial Division issued a decision in Seaport Mgmt. Dev. Co., LLC v. Shop Architects, P.C., 2023 NY Slip Op. 32105(U), holding that an expert was not required to prove a company’s damages . . . Continue reading Expert Not Required to Prove Company’s Damages
On May 25, 2023, Justice Masley of the New York County Commercial Division issued a decision in Thompson v. Nelson, 2023 NY Slip Op. 31807(U), holding that a plaintiff had failed to meet the heavy burden for an award of punitive damages . . . Continue reading Plaintiff Fails to Meet Heavy Burden for Award of Punitive Damages
On May 25, 2023, the First Department issued a decision in Hobish v. AXA Equit. Life Ins. Co., 2023 NY Slip Op. 02825, holding that the punitive damages available under GBL 349 are limited to those provided in the statute . . . Continue reading Punitive Damages Under GBL 349 Claim Limited to Those Provided by Statute
On May 18, 2023, the First Department issued a decision in Atlantis Mgt. Group II LLC v. Nabe, 2023 NY Slip Op. 02737, holding that a liquidated damages clause was an unenforceable penalty . . . Continue reading Liquidated Damages Clause Unenforceable Penalty
On April 25, 2023, the First Department issued a decision in Vigilant Ins. Co. v. MF Global Fin. USA Inc., 2023 NY Slip Op. 02088, holding that a bankruptcy did not toll the accrual of statutory prejudgment interest . . . Continue reading Bankruptcy Did Not Toll Accrual of Statutory Prejudgment Interest
On March 15, 2023, Justice Cohen of the New York County Commercial Division issued a decision in DS 17 W. 24th St. Note Purchaser, LLC v. Hag Guyun Lee, 2023 NY Slip Op. 30771(U), holding that a defendant could not avoid payment of pre-judgment interest . . . Continue reading Defendant Cannot Avoid Payment of Pre-Judgment Interest
On February 15, 2023, the Second Department issued a decision in Redbridge Bedford, LLC v. 159 N. 3rd St. Realty Holding Corp., 2023 NY Slip Op. 00889, holding that the court clerk could not include pre-decision interest in a judgment absent a finding by the court regarding the date from which interest should be calculated . . . Continue reading Court Clerk Could not Include Pre-Decision Interest in the Judgment Absent a Finding by the Court Regarding the Date from Which Interest Should be Computed
On December 28, 2022, Justice Schecter of the New York County Commercial Division issued a decision in Hall v. Middleton, 2022 NY Slip Op. 34418(U), awarding punitive damages on a breach of fiduciary duty claim . . . Continue reading Court Awards Punitive Damages on Breach of Fiduciary Duty Claim
