Blogs

Monthly Archives: May 2019

Posted: May 29, 2019

Agreement for a Referral Fee for Sale of Company’s Shares Inapplicable to Sale of Company’s Assets

On May 28, 2910, the First Department issued a decision in Sassoon v. CDx Diagnostics, Inc., 2019 NY Slip Op. 04112, holding that an agreement for a referral fee relating to the sale of a company’s shares did not apply to a sale of the company’s assets, explaining: The written agreement between plaintiff and defendant... Read more »

Posted: May 26, 2019

Statute of Frauds Did Not Bar Claim Based on Alleged Oral Contract for Real Estate Commission

On May 23, 2019, the First Department issued a decision in Elhanani v. Kuzinez, 2019 NY Slip Op. 04042, holding that the Statute of Frauds did not bar a claim based on an alleged oral contract for a real estate commission, explaining: The complaint alleges that plaintiff Eran Elhanani, a real estate broker, and defendant... Read more »

Posted: May 24, 2019

Four Bank Defendants Dismissed From S.D.N.Y. ForEx Lawsuit

LAW 360 (subscription required) reports that four bank defendants–UBS Group AG, SocGen, RBS PLC, and MUFG Bank, Ltd.–have been dismissed from a pending foreign exchange bid-rigging action in the S.D.N.Y. District Judge Lorna Schofield dismissed UBS Group AG because the complaint did not allege that it had participated in the alleged manipulation activity, and that... Read more »

Posted: May 23, 2019

Plaintiff Adequately Alleges Negligent Misrepresentation Claim

On May 9, 2019, Justice Masley of the New York County Commercial Division issued a decision in Steadfast Ins. Co. v Allan Briteway Elec. Contr., Inc., 2019 NY Slip Op. 31363(U), holding that a plaintiff had adequately alleged a negligent misrepresentation claim, explaining: Here, ABE states classic negligent misrepresentation in a project to construct a building.... Read more »

Posted: May 22, 2019

Being Listed on the NYSE Insufficient to Confer Personal Jurisdiction

On May 15, 2019, Justice Scarpulla of the New York County Commercial Division issued a decision in Poms v. Dominion Diamond Corp., 2019 NY Slip Op. 31364(U), holding that being listed on the New York Stock Exchange is insufficient to create personal jurisdiction in New York, explaining: Under CPLR 302(a)(l), jurisdiction may only be exercised over... Read more »

Posted: May 21, 2019

Court Rejects Economic Duress Claim

On May 6, 2019, Justice Masley of the New York County Commercial Division issued a decision in Kaye v. Levine Prospect, LLC, 2019 NY Slip Op. 31299(U), rejecting a economic duress defense, explaining: A contract is voidable on the ground of duress when it is established that the party making the claim was forced to agree... Read more »

Posted: May 19, 2019

Based on FINRA Rules, Court Declines to Order Class Action Arbitration

On May 15, 2019, the Second Department issued a decision in Rutella v. National Sec. Corp., 2019 NY Slip Op. 03833, reversing an order requiring class arbitration based on FINRA rules, explaining: The plaintiff . . . commenced this putative class action to recover damages for violations of Labor Law articles 6 and 19 on... Read more »