Blogs

Monthly Archives: July 2018

Posted: July 31, 2018

Court Erred in Granting Summary Judgment on Dismissing Plaintiff’s Claims Where Defendant Only Moved for Judgment on its Counterclaims

On July 25, 2018, the Second Department issued a decision in Philogene v. Duckett, 2018 NY Slip Op. 05507, holding that the trial court erred in granting summary judgment dismissing the plaintiff’s claims when the defendant had only moved for judgment on its counterclaims, explaining: On a motion for summary judgment, the court is limited… Read more »

Posted: July 30, 2018

Mexican Government Bond Market Manipulation Manipulation

In our May 17, 2018, post, we alerted you to several lawsuits filed in the Southern District of New York alleging manipulation of the market for Mexican government bonds, and noted that one case had already moved to consolidate with other actions. Since then, on June 18, 2018, the Court granted motions by plaintiffs in… Read more »

Posted: July 30, 2018

Dissolution Under BCL 1104 Unavailable to Owner of 49 Percent of Voting Stock

On July 16, 2018, Justice Scarpulla of the New York County Commercial Division issued a decision in Balkind v. Nickel, 2018 NY Slip Op. 31703(U), holding that a 49 percent shareholder in a New York corporation was not entitled to seek dissolution under BCL 1104, explaining: Business Corporation Law provides that the holders of shares… Read more »

Posted: July 27, 2018

Provision Requiring Exercise of Reasonable Discretion Precludes Acting Arbitrarily, Irrationally, or Without Reasonable Basis

On July 18, 2018, the Second Department issued a decision in Grandfeld II, LLC v. Kohl’s Department Stores, Inc., 2018 NY Slip Op. 05289, holding that a contract provision requiring a party to use reasonable discretion prevented that party from acting arbitrarily, irrationally, or without a reasonable basis, explaining: When parties set down their agreement… Read more »

Posted: July 26, 2018

No Waiver Clause Precludes Claim of Waiver Based on Prior Course of Conduct

On July 12, 2018, Justice Ostrager of the New York County Commercial Division issued a decision in MacArthur Properties I, LLC v. Galbraith, 2018 NY Slip Op. 31612(U), holding that a no waiver clause precludes a claim of waiver based on prior course of conduct, explaining: Wholly without merit is plaintiff’s claim that the Condominium… Read more »

Posted: July 25, 2018

Questions of Fact Regarding Reasonableness of Calculations Under ISDA Master Agreement Preclude Summary Judgment

On July 2, 2018, Justice Friedman of the New York County Commercial Division issued a decision in Lehman Bros. Intl. (Europe) v. AG Financial Products, Inc., 2018 NY Slip Op. 51100(U), holding that questions of fact regarding the reasonableness of calculations under an ISDA master agreement precluded summary judgment, explaining: In general, it is well… Read more »

Posted: July 24, 2018

Breach of Fiduciary Duty Claim Dismissed on Summary Judgment for Lack of Damages

On July 10, 2018, Justice Schecter of the New York County Commercial Division issued a decision in Board of Directors of Windsor Owners Corp. v. Platt, 2018 NY Slip Op 31600(U), dismissing a breach of fiduciary duty claim on summary judgment for lack of damages, explaining: Damages is an essential element of breach of fiduciary… Read more »

Posted: July 23, 2018

Unsigned Purchase Order Could Satisfy “Written Agreement” Condition of CGL Policy’s Additional Insured Endorsement

On July 10, 2018, Justice Schecter of the New York County Commercial Division issued a decision in J.T. Magen & Co., Inc. v. Atlantic Cas. Ins. Co., 2018 NY Slip Op 31584(U), holding that an unsigned purchase order could satisfy the requirement of a “written contract with the Named Insured” to qualify for coverage under an… Read more »