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
On December 15, 2022, the First Department issued a decision in Seymour v. Hovnanian, 2022 NY Slip Op. 07172, holding that a liquidated damages provision was not an unenforceable penalty . . . Continue reading Liquidated Damages Provision Not Unenforceable Penalty
On November 18, 2022, Justice Cohen of the New York County Commercial Division issued a decision in Bagirova v. Nomo Soho Hotel, 2022 NY Slip Op. 33974(U), refusing to dismiss a claim for punitive damages related to the disappearance of artwork . . . Continue reading Court Refuses to Dismiss Claim for Punitive Damages Related to the Disappearance of Artwork
On November 1, 2022, the First Department issued a decision in 37-10 114th St. ML Funding LLC v. Ai Yun Chen, 2022 NY Slip Op. 06077, holding that prejudgment interest on a claim enforcing a guaranty should have been awarded at the rate set by the guaranty . . . Continue reading Prejudgment Interest on Claim Enforcing Guaranty Should Have Been Rate Set by Guaranty
On October 19, 2022, Justice Cohen of the New York County Commercial Division issued a decision in First Equity Realty v. Harmony Group, II, 2022 NY Slip Op. 33601(U), awarding the defendant its fees related to the proof of damages that that did not exceed the amount of a CPLR 3220 offer, but only for the claim that was resolved at trial . . . Continue reading Defendant Entitled to Fees Related to Proof of Damages Under CPLR 3220, But Only on Claim Resolved at Trial
On August 29, 2022, Justice Odorisi of the Seventh Judicial District Commercial Division issued a decision in Spin Capital v. Texas Med. Ctr. Supply, LLC, 2022 NY Slip Op. 32914(U), declining to award without further justification a victorious plaintiff attorneys’ fees when those fees were based on a contingency fee arrangement . . . Continue reading Court Declines to Base Attorneys’ Fee Award on Plaintiff’s Contingent Fee Arrangement
