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Posts Categorized: Damages

Posted: November 15, 2018

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… Read more »

Posted: July 24, 2018

Breach of Fiduciary Duty Claim Dismissed on Summary Judgment for Lack of Damages

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 »

Posted: June 1, 2018

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 »

Posted: February 18, 2018

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 »

Posted: January 31, 2018

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 »

Posted: August 10, 2017

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 »

Posted: January 16, 2017

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 »