On February 28, 2019, the First Department issued a decision in Rizack v. Signature Bank, N.A., 2019 NY Slip Op. 01494, holding that a claim was time-barred because it was not assigned to the plaintiff until after the statute of limitations had run, explaining: In September 2007, West End Financial Advisors LLC entered into a... Read more »
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Posts Categorized: Standing
A Lawyer’s Failure to Have an Office in New York Does Not Doom Cases Filed by That Lawyer
On February 14, 2019, the Court of Appeals issued a decision in Arrowhead Capital Fin., Ltd. v. Cheyne Specialty Fin. Fund L.P., 2019 NY Slip Op. 01124, holding that a lawyer’s failure to have an office in New York does not render void actions filed by that lawyer, explaining: An attorney who is regularly admitted... Read more »
New York Law Applied to Question of Whether Tort Claims Passed to Belgian Assignee
On October 9, 2018, the First Department issued a decision in Royal Park Invs. SA/NV v. Morgan Stanley, 2018 NY Slip Op. 06695, holding that New York law applied to the question of whether tort claims passed to a Belgian assignee, explaining: Unlike substantive law, matters of procedure are governed by the law of the forum... Read more »
Shareholder Has Standing to Sue Corporation’s Counsel for Malpractice
On September 20, 2018, Justice Sherwood of the New York County Commercial Division issued a decision in Reines v. Raoul Felder & Partners, P.C., 2018 NY Slip Op. 32332(U), holding that a shareholder had standing to sue the corporation’s counsel for malpractice, explaining: It is well settled that a stockholder has no individual cause of action against... Read more »
Plaintiff Lacked Standing to Assert Claims for Damage to Affiliate
On October 2, 2017, Justice Ramos of the New York County Commercial Division issued a decision in Marco Polo Network Inc. v. 75 Broad, LLC, 2017 NY Slip Op. 32088(U), holding that the plaintiff tenant did not have standing to assert claims against its landlord for damages suffered by the plaintiff’s affiliate, explaining: [Plaintiff] argues... Read more »
When Plaintiffs Sold Bonds Their Tort Claims Automatically Transferred to the Purchaser
On May 15, 2017, Justice Bransten of the New York County Commercial Division issued a decision in One William Street Capital Management L.P. v. U.S. Education Loan Trust IV, LLC, 2017 NY Slip Op. 31079(U), holding that the plaintiffs lacked standing because when they their sold bonds, their tort claims automatically were transferred to the... Read more »
Assignee Lacked Standing; Assignment of Right to Pursue Remedies on Notes Did Not Transfer Claims
On September 15, 2016, the First Department issued a decision in Cortlandt St. Recovery Corp. v. Hellas Telecom., S.à.r.l., 2016 NY Slip Op. 06051, holding that a plaintiff lacked standing to assert claims because the assignment of the right to pursue remedies under notes did not constitute the assignment of claims, explaining: The [IAS] court... Read more »
Actions Dismissed on Standing Grounds May be Refiled Pursuant to CPLR 205
On July 7, 2016, the First Department issued a decision in U.S. Bank N.A v. DLJ Mortgage Capital, Inc., 2016 NY Slip Op. 05440, analyzing whether an action dismissed on standing grounds can be refiled pursuant to CPLR 205. The court explained: This action was originally commenced within the statute of limitations period by Federal... Read more »
Party That Failed to Give Contractually-Required Notice Prior to Bringing Suit Lacked Standing
On May 17, 2016, the First Department issued a decision in Nomura Asset Acceptance Corp. Alternative Loan Trust v. Nomura Credit & Capital, Inc., 2016 NY Slip Op 03837, holding that a party that failed to give contractually-required notice prior to bringing suit lacked standing to bring suit, explaining: The summons with notice filed by... Read more »
Assignee of Claims Allowed to Substitute in As Party in Lieu of Dismissed Assignor
On April 13, 2016, Justice Singh of the New York County Commercial Division issued a decision in Inverventure 77 Hudson LLC v. Falcon Real Estate Investment Co., 2016 NY Slip Op. 30712(U), allowed the assignee of the named plaintiff’s claims to substitute in an action for the assignor. In Inverventure 77 Hudson LLC, the plaintiffs... Read more »