Blogs

Monthly Archives: June 2018

Posted: June 24, 2018

Court Refuses to Dissolve LLC, Holding That Members’ Disputes Were Insufficient to Justify Dissolution

On June 11, 2018, Justice Dufficy of the Queens County Commercial Division issued a decision in Matter of Kassab v. Kasab, 2018 NY Slip Op. 50934(U), refusing to dissolve an LLC despite the many disputes between the members, explaining: A court may order the dissolution of a limited liability company whenever it is not reasonably… Read more »

Posted: June 22, 2018

Statute of Frauds Exception for Contract to Pay Lawyer for Negotiating Sale of Business Does Not Require Attorney-Client Relationship

On June 12, 2018, Justice Ostrager of the New York County Commercial Division issued a decision in Wiesen v. Potter, 2018 NY Slip Op. 31197(U), holding that the exception to the statute of frauds for contracts to pay a lawyer to negotiate the sale of a business does not require an attorney-client relationship, explaining: To… Read more »

Posted: June 21, 2018

NY Fines Deutsche Bank $205 Million for Forex Market Manipulation

On June 20, 2018, the New York State Department of Financial Services announced that it has fined Deutsche Bank $205 million for “for violations of New York banking law, including efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.” DFS found… Read more »

Posted: June 20, 2018

Stock Loan Lowdown, Part Two: To Dismiss or Not to Dismiss?

“To dismiss or not to dismiss” is the question that Judge Failla presently mulls, and will likely continue to do for the coming weeks. Or months? Anticipation is running high here at the Manipulation Monitor, so let’s hope it is not a question of years. For those of you who may be wondering what, exactly,… Read more »

Posted: June 20, 2018

Borrowing Statute Applies When Contract Provides That it Will be Enforced According to New York Law

On June 12, 2018, the Court of Appeals issued a decision in 2138747 Ontario, Inc. v. Samsung C&T Corp., 2018 NY Slip Op. 04274, holding that when a contract provides that it will be enforced according to New York law, the New York borrowing statute will be used to determine the appropriate statute of limitations,… Read more »

Posted: June 20, 2018

JP Morgan Chase Consents to $65 Million Penalty Relating to ISDAfix Manipulation

On June 18, 2018, the CFTC entered an order requiring JPMorgan Chase to pay a $65 million penalty for attempted manipulation of the ISDAfix benchmark rate. The CFTF order states that the CFTC found that between January 2007 and January 2012, JPMorgan Chase “made false reports and attempted to manipulate the U.S. Dollar International Swaps… Read more »

Posted: June 19, 2018

Veil Piercing Claims Should Have Been Dismissed

On June 12, 2018, the First Department issued a decision in Shawmut Woodworking & Supply, Inc. v. ASICS America Corp., 2018 NY Slip Op. 04291, holding that veil piercing claims should have been dismissed, explaining: There is no basis in the complaint and supporting materials for applying the doctrine of piercing the corporate veil, which… Read more »

Posted: June 18, 2018

Inducing a Client to Switch Lawyers Cannot be Basis of Tortious Interference Claim

On June 6, 2018, Justice Ostrager of the New York County Commercial Division issued a decision in Gorayeb & Associates, P.C. v. Toledo, 2018 NY Slip Op. 31153(U), holding that inducing a client to switch lawyers cannot be the basis for a claim of tortious interference with contract, explaining: Plaintiff Gorayeb law firm is entitled… Read more »