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 »
Blogs
Posts Categorized: Damages
Rejecting Official Exchange Rate, Court Finds That There is a Question of Fact Regarding Proper Exchange Rate Between Venezuelan Bolivars and US Dollars
On May 29, 2018, Justice Crane of the New York County Supreme Court issued a decision in Diaz v. Galopy Corporation International, N.V., Index No. 656721/2016, granting summary judgment in lieu of complaint recognizing a money judgment issued by a Venezuelan court, but finding that there was a question of fact regarding the exchange rate… Read more »
Damages Award Thrown Out Because of Failure to Provide Competent, Non-Hearsay Evidence of Damages
On February 8, 2018, the First Department issued a decision in 345 E. 69th St. Owners Corp. v, Platinum First Cleaners, Inc., 2018 NY Slip Op. 00892, vacating a damages award because it was not based on competent, non-hearsay evidence, explaining: The trial court awarded damages consisting of $196,811.88 representing lost rent over the remainder… Read more »
Claims Barred Above Amount Set by Limitation of Liability Provision
On January 23, 2018, the First Department issued a decision in Electron Trading, LLC v. Morgan Stanley & Co. LLC, 2018 NY Slip Op. 00380, holding that certain claims were barred by a limitation of liability provision, explaining: The limitation of liability provision in the ELA provides, in pertinent part, that “neither party’s total liability… Read more »
Plaintiff Cannot Get Attorneys’ Fees Under CPLR 3220 Unless Action Goes to Trial
On August 30, 2017, the Second Department issued a decision in Saul v. Cahan, 2017 NY Slip Op. 06391, holding that a party cannot get attorneys’ fees pursuant to an offer to liquidate damages under CPLR 3220 unless the action goes to trial. This decision creates a split between the First and Second Departments on… Read more »
Lost Profits Found to be Recoverable as General, Not Consequential, Damages
On August 3, 2017, Justice Kornreich of the New York County Commercial Division issued a decision in AGE Group, Ltd. v. Martha Stewart Living Omnimedia, Inc., 2017 NY Slip Op 31639(U), holding that lost profits were recoverable as general rather than consequential damages, explaining: MSLO also wrongly contends that this case may be dismissed if… Read more »
Fraudulent Inducement Claim Fails for Failure to Prove Out-of-Pocket Damages
On January 12, 2017, the First Department issued a decision in Kumiva Group, LLC v. Garda USA Inc., 2017 NY Slip Op. 00235, granting summary judgment dismissing a counterclaim for fraudulent inducement for failure adequately to plead out-of-pocket damages, explaining: Initially, as to Garda’s damages, New York courts for over one hundred years have differentiated… Read more »
Court May Grant Any Relief, Demanded or not, Within its Jurisdiction Appropriate to the Proof
On January 10, 2017, the First Department issued a decision in A&F Hamilton Heights Cluster, Inc. v. Urban Green Heights, Inc., 2017 NY Slip Op. 00135, affirming an order requiring a party to repay another party funds used to pay a law firm, explaining: The motion court did not award sanctions pursuant to 22 NYCRR… Read more »
Court Upholds Liquidated Damages Clause
On October 26, 2016, the Second Department issued a decision in Markham Gardens, L.P. v. 511 9th, LLC, 2016 NY Slip Op. 07005, upholding the enforcement of a liquidated damages clause, explaining: A contractual provision fixing damages in the event of breach will be sustained if the amount liquidated bears a reasonable proportion to the… Read more »
Court Should Have Valued Shares at Time They Should Have Been Transferred
On July 5, 2016, the First Department issued a decision in Moore v. IGPS Co. LLC, 2016 NY Slip Op. 05333, discussing the valuation of shares in an entity that subsequently filed for bankruptcy protection: Under the operative agreements, plaintiff was entitled to retain his vested equity even if fired for cause. While there were… Read more »