On July 6, 2022, Justice Borrok of the New York County Commercial Division issued a decision in Yunjie Yang v. Knights Genesis Group, 2022 NY Slip Op. 32126(U), upholding a claim for money had and received, explaining:
The essential elements of a cause of action for money had and received are that the defendant received money belonging to the plaintiff, that the defendant benefited from receipt of the money, and that under principles of equity and good conscience, the defendant should not be permitted to keep the money. The elements of a cause of action for unjust enrichment are that a plaintiff conferred a benefit upon a defendant and that the defendant obtained such benefit without adequately compensating the plaintiff.
The Intervenors allege that they invested their money with the Defendants, that the Defendants misappropriated that money for their own benefit, and that it would be against good conscience for the Defendants to keep the misappropriated funds. This is sufficient to state a cause of action for money had and received and for unjust enrichment. The cause of action for money had and received is not duplicative of the breach of contract claims, because those claims are asserted solely against the Company and KG Bayside, not Ms. Tang.
(Internal citations omitted).