Commercial Division Blog: Current Developments in the Commercial Divisions of the New York State Courts

On December 29, 2023, Justice Joel M. Cohen found in favor of Plaintiff Brad Kruchten against Defendants Eastman Kodak Company Computershare, Inc., and Computershare Trust Company, N.A. in the amount of $1,293,916.88 on claims for damages Kruchten incurred when he was unable to exercise his Kodak stock options due to corporate errors. In its Decision after Non-Jury Trial, in Kruchten v. Eastman Kodak Co. et al., Index No. 656302/2020, the Court explained: Read More

In an Opinion, dated May 2, 2023, in Prospect Capital Corp. v. Morgan Lewis & Bockius LLP, 2023 NY Slip Op 31505(U), Justice Margaret A. Chan granted defendant’s motion to dismiss a complaint for legal malpractice. The case concerned the narrowing of a turnover provision in a subordination agreement during the agreement’s negotiation. Plaintiff alleged that defendant failed to detect and inform it of the revision to the turnover provision, which effectively precluded its remedy against a junior lender. Justice Chan rejected defendant’s argument that it could not be held liable since plaintiff was supposed to read and know the contents of the subordination agreement, which it signed, and had its own General Counsel, noting that: Read More

In a Decision and Order, dated January 10, 2023, in Q3 Inv. Recovery Veh. LLC v. McEvoy, Index No. 657090/2020, Justice Andrea Masley granted Signature Bank’s motion to dismiss the amended complaint against it. Plaintiff had alleged that Signature was negligent and grossly negligent for permitting investor funds deposited into an account at Signature to be fraudulently transferred out of the account rather than invested in a cryptocurrency exchange. Noting that under New York law banks do not usually owe non-customers a duty to protect them from the intentional torts of their customers, the Court noted there was an exception for trust accounts or fiduciary accounts. The Court explained: Read More

On July 1, 2021, Justice Platkin of the Albany County Commercial Division issued a decision in Berks… Read More

On March 30, 2021, Justice Platkin of the Albany County Commercial Division issued a decision in Kea… Read More

On May 5, 2020, Justice Cohen of the New York County Commercial Division issued a decision in Shavol… Read More

On January 6, 2020, Justice Masley of the New York County Commercial Division issued a decision in T… Read More

On July 9, 2019, Justice Borrok of the New York County Commercial Division issued a decision in Corn… Read More

On May 9, 2019, Justice Masley of the New York County Commercial Division issued a decision in Stea… Read More

On August 13, 2018, Justice Sherwood of the New York County Commercial Division issued a decision in… Read More

On February 14, 2018, Justice Ostrager of the New York County Commercial Division issued a decision … Read More

On August 16, 2017, the Second Department issued a decision in Michael v. He Gin Lee Architect Plann… Read More

On April 4, 2017, the First Department issued a decision in Coöperative Centrale Raiffeisen-Boerenl… Read More

On August 11, 2016, the First Department issued a decision in Morgan Stanley Mortgage Loan Trust 200… Read More

On March 24, 2016, the First Department issued a decision in Starr v. Fuoco Group LLP, 2016 NY Slip … Read More

On June 9, 2014, Justice Sherwood of the New York County Commercial Division issued a decision in Vi… Read More

On May 1, 2014, Justice Schweitzer of the New York County Commercial Division issued a decision in N… Read More