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Posts Categorized: Equitable Remedies and Defenses

Posted: February 9, 2018

Separate Cause of Action for Accounting Permissible Under Delaware Law

On January 23, 2018, Justice Bransten of the New York County Commercial Division issued a decision in Ambase Corp. v. 111 W. 57th Sponsor LLC, 2018 NY Slip Op. 30160(U), holding that under Delaware law, it is permissible to assert a separate claim for an accounting, explaining: Defendants maintain that the fourteenth cause of action… Read more »

Posted: January 19, 2018

Court Declines to Order Accounting Given Burden and Absence of Other Claims

On January 11, 2018, Justice Kornreich of the New York County Commercial Division issued a decision in Madison Sullivan Partners LLC v. PMG Sullivan St. LLC, 2018 NY Slip Op. 30047(U), refusing to order an accounting, explaining: Madison’s remaining cause of action is for an equitable accounting, which it seeks by virtue of the parties’… Read more »

Posted: January 11, 2017

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 »

Posted: November 6, 2015

Dismissal Based on In Pari Delicto Doctrine Upheld

On October 28, 2015, the Second Department issued a decision in CRC Litigation Trust v. Marcum, LLP, 2015 NY Slip Op. 07811, dismissing an action based on the in pari delicto doctrine, explaining: In addition to the expiration of the statute of limitations as to the accounting malpractice causes of action against [the accountant defendant],… Read more »

Posted: October 18, 2015

If Equitable Relief is Contractual Sole Remedy, Damages Awardable if Equitable Relief Impossible

On October 13, 2015, the First Department issued a decision in Nomura Home Equity Loan, Inc., Series 2006-FM2 v. Nomura Credit & Capital, Inc., 2015 NY Slip Op. 07458, holding that even where a contract limits remedies to equitable relief, a plaintiff was entitled to damages when equitable relief was unavailable, explaining: The crux of… Read more »

Posted: December 26, 2014

In Pari Delicto Doctrine Limited When Agent Defrauded its Principal

On December 17, 2014, the Second Department issued a decision in Schwartz v. Leaf, Salzman, Manganelli, Pfiel, & Tendler, LLP, 2014 NY Slip Op. 08823, applying the adverse interest exception to the in pari delicto doctrine. In Schwartz, the plaintiff brought an action “inter alia, to recover damages for negligence, accounting malpractice, fraud, breach of…