On December 2, 2020, Justice Platkin of the Albany County Commercial Division issued a decision in Rockmore v. Plastic Surgery Assoc., LLP, 2020 NY Slip Op. 51461(U), dismissing a breach of fiduciary duty claim as duplicative of a breach of contract claim because it was based on the breach of contractual. In Rockmore, Defendants were... Read more »
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Commercial Division Blog
Posts Categorized: Commercial
Parties Bound by Agreement to Beth Din Arbitration
On December 11, 2020, Justice Borrok of the New York County Commercial Division issued a decision in Fein v. Berger, 2020 NY Slip Op. 34148(U), holding that litigants were required to arbitrate their dispute before a Beth Din, explaining: The parties dispute whether arbitration of disputes before the Beth Din is mandatory or merely permissive.... Read more »
FINRA Rules Held to Create Obligation to Arbitrate
On December 9, 2020, Justice Friedman of the New York County Commercial Division issued a decision in TD Ameritrade, Inc. v. Purshe Kaplan Sterling Invs., Inc., 2020 NY Slip Op. 34120(U), holding that the FINRA rules constituted an agreement to arbitrate, explaining: Under the FAA, arbitration is contractual by nature—a party cannot be required to... Read more »
Restrictions on Stock Transfer in Corporate By-Laws Did Not Bar Transfer By Will
On December 11, 2020, Justice Emerson of the Suffolk County Commercial Division issued a decision in Lambro Indus., Inc. v. Chai Found., Inc., 2020 NY Slip Op. 51470(U), holding that restrictions on stock transfers in corporate by-laws did not bar the transfer of stock by will, explaining: As a broad general principle, it may be... Read more »
Fraud Claims Dismissed for Failure to Perform Due Diligence
On December 15, 2020, the First Department issued a decision in MBF Clearing Corp. v. JPMorgan Chase Bank, N.A., 2020 NY Slip Op. 07504, dismissing fraud-based claims for lack of due diligence, explaining: The fraudulent misrepresentation claims do not allege justifiable reliance on the alleged misrepresentations. Plaintiff, a sophisticated party, could readily have determined for... Read more »
Fraud Claim Time-Barred Because Plaintiff Was on Inquiry Notice More Than Two Years Before Suit Filed
On December 8, 2020, Justice Friedman of the New York County Commercial Division issued a decision in Ambac Assur. Corp. v. Countrywide Home Loans, Inc., 2020 NY Slip Op. 34044(U), holding that a fraud claim was time-barred because the plaintiff was on inquiry notice of its claim more than two years before the suit was... Read more »
That Another Party Has Produced Documents Does Not Excuse a Party From Producing the Same Documents if it Has Them
On December 7, 2020, Justice Knipel of the Kings County Commercial Division issued a decision in Azrak v. Carter Enters. LLC, 2020 NY Slip Op. 34036(U), holding that the fact that one party has produced certain documents does not excuse another party from producing the same documents, explaining: CPLR 3124 provides that if a person... Read more »
Plaintiff Denied Default Judgment Because of Failure to Submit Evidence of Liability
On December 2, 2020, Justice Masley of the New York County Commercial Division issued a decision in 215 W. 28th St. Prop. Owner LLC v. Sibk Constr. Group LLC, 2020 NY Slip Op. 34045(U), denying a motion for default judgment because the plaintiff failed to submit adequate evidence of liability, explaining: On a motion for... Read more »
Primary Jurisdiction Doctrine Calls for Dismissal of Lawsuit While Administrative Action Pending
On December 9, 2020, the Second Department issued a decision in New York Ind. Contrs. Alliance, Inc. v. Consolidated Edison Co. of N.Y., Inc., 2020 NY Slip Op. 07386, holding that the primary jurisdiction doctrine required the dismissal of a lawsuit while an administrative proceeding was pending, explaining: We agree with the Supreme Court’s determination... Read more »
Breach of Fiduciary Claim Dismissed as Duplicative of Contract Claim Because it Was Based on Breach of Duties Assigned by Contract
On December 2, 2020, Justice Platkin of the Albany County Commercial Division issued a decision in Rockmore v. Plastic Surgery Assoc., LLP, 2020 NY Slip Op. 51461(U), dismissing a breach of fiduciary duty claim as duplicative of a breach of contract claim because it was based on the breach of duties set by contract, explaining:... Read more »