- Posted: March 10, 2025 / Commercial Division Blog
Fiduciary Status, Diversion Of Funds And Damages Sufficiently Established To Support Summary Judgement On Fiduciary Breach Claim
On January 23, 2025, Justice Andrew Borrok granted plaintiffs summary judgment as to liability on fiduciary breach, reserving the issue of damages. Seaton v. Babad, Index No. 654196/2021. Read More
- Posted: March 7, 2025 / Commercial Division Blog
Pre-Judgment Restraining Notice Issued Against Defendant Following Grant of Summary Judgment to Plaintiff
On January 31, 2025, Justice Joel M. Cohen of the New York County Commercial Division issued a decision in Fortress Credit Corp. v. Cohen, Index No. 651498/2024, issuing a pre-judgment restraining notice against, and ordering an enforcement deposition of, defendant following plaintiff's successful motion for summary judgment, explaining: Read More
- Posted: March 6, 2025 / Commercial Division Blog
Email Stating "Understood and Will Do" Not, as a Matter of Law, Waiver Under Contract
On January 21, 2025, Justice Margaret A. Chan of the New York County Commercial Division issued a decision in Newmark & Co. Real Estate, Inc. v. Wiesner Products Inc., Index No. 651896/2024, denying defendant's motion to dismiss based on documentary evidence and holding that, contrary to defendant's argument, an email from defendant stating "Understood and will do" in response to plaintiff's purported improper termination of an exclusive-brokerage agreement was not, as a matter of law, a waiver by defendant of strict compliance with the term and termination clauses of the agreement, explaining: Read More
- Posted: February 28, 2025 / Commercial Division Blog
Promissory Note and Amendments Violated Criminal Usury Statute
On January 21, 2025, Justice Margaret A. Chan issued a Decision and Order in JADR Consulting Group Pty Ltd. v. Ault Alliance, Inc., Index No. 650537/2024, denying plaintiff’s motion for summary judgment in lieu of complaint based on a promissory note and various amendments and granting defendants’ cross-motion to dismiss. The Court explained: Read More
- Posted: February 26, 2025 / Commercial Division Blog
Res Judicata Barred Claims Against Defendant Based On Privity
On January 22, 2025, Justice Nancy M. Bannon issued a Decision and Order in Cantor Fitzgerald & Co. v. PEI Global Partners Holdings LLC, Index No. 651268/2024, granting defendant’s motion to dismiss on the grounds the action was barred by res judicata based on prior FINRA arbitrations. Plaintiff had commenced separate arbitrations against four prior employees who founded defendant PEI Global Partners Holdings LLC, and a fifth arbitration against PEI Global Partners LLC, a broker-dealer wholly owned by the defendant. Although Defendant could not be made a party to the prior arbitrations as it was not a FINRA member and had no agreement to arbitrate before FINRA, the Court explained: Read More
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