PSLRA Stay Applies to Suits in State Court, But Does Not Extend to Appeals of Unsuccessful Motions to Dismiss
Commercial Case Notes / Securities

PSLRA Stay Applies to Suits in State Court, But Does Not Extend to Appeals of Unsuccessful Motions to Dismiss

On November 2, 2023, the First Department issued a decision in Camelot Event Driven Fund v. Morgan Stanley & Co. LLC, 2023 NY Slip Op. 05534, holding that a PSLRA stay applies in state court, but does not extend to appeals of unsuccessful motions to dismiss . . . Continue reading PSLRA Stay Applies to Suits in State Court, But Does Not Extend to Appeals of Unsuccessful Motions to Dismiss

Plaintiff Cannot Make a Claim for Setoff or Recoupment, Even if Framed as a Claim for Declaratory Judgment
Commercial Case Notes / Declaratory Judgment / Setoff/Recoupment

Plaintiff Cannot Make a Claim for Setoff or Recoupment, Even if Framed as a Claim for Declaratory Judgment

On October 11, 2023, Justice Chan of the New York County Commercial Division issued a decision in BT Supplies W., Inc. v. Brookline, LLC, 2023 NY Slip Op. 33713(U), holding that a plaintiff cannot make a claim for setoff or recoupment, even if framed as a claim for declaratory judgment . . . Continue reading Plaintiff Cannot Make a Claim for Setoff or Recoupment, Even if Framed as a Claim for Declaratory Judgment

Third-Party Claims Dismissed Because Not Based on Indemnification or Contribution
Commercial Case Notes / Indemnification, Advancement and Attorneys' Fees

Third-Party Claims Dismissed Because Not Based on Indemnification or Contribution

On October 23, 2023, Justice Gomez of the Bronx County Commercial Division issued a decision in Green Castle A. Mgmt Corp. v. B&V Dev., LLC, 2023 NY Slip Op. 51126(U), holding that third-party claims should be dismissed because they were not based on indemnification or contribution . . . Continue reading Third-Party Claims Dismissed Because Not Based on Indemnification or Contribution