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November 29, 2023
Court Denies Motion for Discharge from Interpleader Action Where Stakeholder Failed to Address Details of Payment, Possible Other Claimants, and Future Distributions of Funds
In a Decision, dated October 27, 2023, in Broadstreet New York, Inc. v. L3 Capital Income Fund, LLC and Alternative Global Management, LLC, Index No. 650218/2023, Justice Margaret Chan denied interpleader Broadstreet New York, Inc.’s motion to deposit funds into the court in exchange for a discharge of liability from the defendants pursuant to CPLR 1006. The Court found Broadstreet’s motion deficient for failure to address certain details, such as where the funds came from and how much Broadstreet proposed to initially deposit. The Court also held that the ultimate beneficiaries receiving the fund (certain investors in the defendants) had not been joined to the case and Broadstreet had not addressed future distributions of funds owed to claimants. The Court explained: Read More
