On June 16, 2022, the First Department issued a decision in VII MP Miami Hotel Owner, LLC v. Hycroft, LLC, 2022 NY Slip Op. 03983, holding that a liquidated damages clause was not an unenforceable penalty . . . Continue reading Liquidated Damages Clause Not an Unenforceable Penalty
On March 2, 2022, Justice Masley of the New York County Commercial Division issued a decision in BNP Paribas, Singapore Branch v. Natixis, N.Y. Branch, 2022 NY Slip Op 30679(U), awarding pre-judgment interest at the contract rate, not the statutory rate . . . Continue reading Court Awards Pre-Judgment Interest at Contract Rate, not Statutory Rate
On February 3, 2022, Justice Schecter of the New York County Commercial Division issued a decision in Atlantis Mgt. Group II LLC v. Nabe, 2022 NY Slip Op. 30399(U), refusing to enforce a contractual penalty for non-performance . . . Continue reading Court Rejects Contractual Penalty for Non-Performance
On December 15, 2021, the Second Department issued a decision in Onekey, LLC v. Byron Place Assoc., LLC, 2021 NY Slip Op. 07007, holding that lost profits damages were awardable on a breach of contract claim when those profits were within the contemplation of the parties at the time the contract was entered into . . . Continue reading Lost Profits Damages Awardable When They Were Within the Parties’ Contemplation When the Contract Was Entered Into
On November 30, 2021, Justice Borrok of the New York County Commercial Division issued a decision in W Mgt. Servs. LTD v. Fanning, 2021 NY Slip Op. 32519(U), holding that a liquidated damages provision was an unenforceable penalty . . . Continue reading Liquidated Damages Provision Held to be an Unenforceable Penalty
On November 30, 2021, the First Department issued a decision in Reif v. Nagy, 2021 NY Slip Op. 06659, holding that a judgment on a claim for replevin can include pre-judgment interest . . . Continue reading Judgment on Claim for Replevin Can Include Pre-Judgment Interest
On November 9, 2021, the First Department issued a decision in Lam Platt St. Hotel LLC v. Golden Pearl Constr. LLC, 2021 NY Slip Op. 06086, enforcing a contract provision barring the award of consequential damages . . . Continue reading Court Enforces Contract Provision Barring Consequential Damages
On September 28, 2021, the First Department issued a decision in ALQ, LLC v. Kane, 2021 NY Slip Op. 05071, holding that questions of fact regarding whether the liquidated damages clause was grossly disproportionate to the plaintiff’s actual damages precluded an award of summary judgment enforcing the clause . . . Continue reading Question of Fact Preclude Award of Summary Judgment Enforcing Liquidated Damages Clause
On July 8, 2021, the First Department issued a decision in Park Union Condominium v. 910 Union St., LLC, 2021 NY Slip Op. 04278, holding that a plaintiff was entitled to prejudgment interest on funds held in escrow . . . Continue reading Plaintiff Entitled to Prejudgment Interest on Funds Held in Escrow
