On April 29, 2021, the First Department issued a decision in AmBase Corp. v. 111 W. 57th Sponsor LLC, 2021 NY Slip Op. 02589, holding that a breach of contract claim failed for lack of allegations of damages, explaining: [T]he SAC alleges that Sponsor failed to disclose a change to its investors as a result... Read more »
Blogs
Posts Categorized: Damages
Remedy for Prohibited Transfer is Voiding Transfer, Not Money Damages
On April 1, 2021, Justice Cohen of the New York County Commercial Division issued a decision in JDS Highline LLC v. 514 W. 24th St. Partners LLC, 2021 NY Slip Op. 31042(U), holding that the remedy for a prohibited transfer is voiding the transfer, not money damages, explaining: Section 9.3 of the JVA provides that... Read more »
Expert Report and Damages Theory Excluded Because Defendant Was Not on Notice of Damages Theory
On March 30, 2021, the First Department issued a decision in Advanced Aerofoil Tech. AG v. MissionPoint Capital Partners LLC, 2021 NY Slip Op. 01938, affirming the exclusion of expert reports and a damages theory because the defendant had not been put on notice of them or the evidence upon which they were based until... Read more »
Claim Related to Hacking of Client Data Dismissed for Lack of Damages
On March 30, 2021, Justice Platkin of the Albany County Commercial Division issued a decision in Keach v. BST & Co. CPAs, LLP, 2021 NY Slip Op. 50273(U), dismissing a claim based on the hacking of the defendant’s servers because of the lack of damages, explaining: Whether a person seeking relief is a proper party... Read more »
Plaintiffs Cannot Avoid Application of Liquidated Damages Clause
On February 8, 2021, Justice Sherwood of the New York County Commercial Division issued a decision in Raven Capital Mgt. LLC v. Georgia Film Fund 72, LLC, 2021 NY Slip Op. 30393(U), rejecting plaintiffs’ attempt to avoid the application of a liquidated damages clause, explaining: Defendant successfully argues that plaintiffs cannot recover more than the... Read more »
Gross Negligence Claims Cannot Overcome Sole Remedy Clause
On December 22, 2020, the Court of Appeals issued a decision in Matter of Part 60 Put-Back Litig., 2020 NY Slip Op. 07687, holding that gross negligence claims could not overcome the damages limitations in a sole remedy clause, explaining: In New York, contractual exculpatory clauses intended to insulate a party from liability for its... Read more »
Court Rejects Effort to Avoid Pre-Judgment Interest
On December 2, 2020, Justice Cohen of the New York County Commercial Division issued a decision in Franco Belli Plumbing & Heating & Sons, Inc. v. Citnalta Constr. Corp., 2020 NY Slip Op. 33953(U), rejecting an attempt to avoid an award of pre-judgment interest, explaining: Next, the branch of Defendants’ motion seeking to compute pre-judgment... Read more »
Liquidated Damages Clause Found to be Unenforceable Penalty
On November 24, 2020, the Court of Appeals issued a decision in Trustees of Columbia Univ. in the City of N.Y. v. D’Agostino Supermarkets, Inc., 2020 NY Slip Op. 06937, finding a liquidated damages clause to be an unenforceable penalty, explaining: In accordance with the parties’ commercial tenancy, in the event of a breach, plaintiff... Read more »
Lost Profits Damages Not Available for New Business
On November 17, 2020, Justice Cohen of the New York County Commercial Division issued a decision in Evemeta, LLC v. Siemens Convergence Creators Corp., 2020 NY Slip Op. 33827(U), holding that lost profits damages are not available for a new business, explaining: New York has a relatively demanding standard for an award of lost profits.... Read more »
Court Upholds Fraud Claim Based on Damages Resulting From Selling at a Fraudulently-Induced Deflated Price
On June 29, 2020, Justice Masley of the New York County Commercial Division issued a decision in Community Assn. of the E. Harlem Triangle, Inc. v. Butts, 2020 NY Slip Op. 32163(U), upholding a fraud claim based on damages resulting from selling at a fraudulently-induced deflated price, explaining: In New York, as in multiple other... Read more »