Commercial Division Blog
Award of Lost Profits Upheld
On November 9, 2018, the Fourth Department issued a decision in Henderson Harbor Mariners' Mar., Inc. v. Upstate Natl. Bank, 2018 NY Slip Op. 07555,, upholding an award of lost profits, explaining:
We reject defendant's contention that the trial court erred in denying its motion to set aside the verdict and for judgment in its favor on the issue of, inter alia, the damages awarded for plaintiffs' lost profits. Contrary to defendant's contention, we conclude that plaintiffs' lost profits were within the contemplation of both parties, at the time they made the contract, as the probable result of the breach of it. Although damages resulting from the loss of future profits are often an approximation, we further conclude that plaintiffs established their damages here with reasonable certainty and without undue speculation.
(Internal quotations and citations omitted).
A key element in commercial litigation is proving damages. As this decision shows, in some circumstances, those damages can include lost profits. Contact Schlam Stone & Dolan partner John Lundin at firstname.lastname@example.org if you or a client have questions regarding proving damages.