Incorporated by Reference
- Jul 12 2019
Frequently, important terms of a contract are intended to be incorporated by reference into other documents. Litigation frequently arises when one party disputes whether the terms of extrinsic documents were …
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First Department Addresses Duplication of a Fraud Claim with a Breach of Contract Claim and the Justifiable Reliance Element of a Fraud Cause of Action
- Jul 10 2019
On July 9, 2019, the Appellate Division, First Department, issued three decisions involving claims of fraud and/or fraudulent inducement that piqued this Blog’s interest. One case involved whether a fraudulent …
First Department Unanimously Affirms Denial of Motion to Compel Arbitration and Motion to Dismiss Fraud Claims
- Jul 8 2019
Sometimes state appellate courts affirm or modify lower court decisions without providing much in the way of analysis. With overburdened dockets and substantially similar issues being decided, it is no …
Different Case, Same Result: State Court Denies Motion to Stay Parallel Securities Act Claims
- Jul 5 2019
On July 1, 2019, this Blog wrote about Hoffman v. AT&T Inc., 2019 N.Y. Slip Op. 31811(U) (Sup. Ct. N.Y. County, June 21, 2019) (here). Hoffman involved a motion, under …
The Utility of the Lost Note Affidavit
- Jul 3 2019
In mortgage foreclosure actions, and other actions in which a party is suing on a promissory note (or other negotiable instruments) ( a “Note”), a plaintiff must allege that it …
Court Denies Stay of Parallel State Court Action involving Similar, Though Not Identical, Securities Laws Violations
- Jul 1 2019
On March 20, 2018, the United States Supreme Court decided Cyan, Inc. v. Beaver County Employees Retirement Fund, 138 S. Ct. 1061, 1069 (2018), in which it unanimously held that …
First Department Affirms Dismissal of Fraud Claim Because Damages Alleged Were Speculative
- Jun 28 2019
Since the early 20th century, a plaintiff alleging fraud in New York can recover only the actual pecuniary loss sustained as a result of the misrepresentation or omission, i.e., the …
Court Finds No Basis for Triggering Mandatory Arbitration Under FINRA Rules
- Jun 27 2019
Arbitration is an alternative form of dispute resolution where the parties voluntarily agree that a neutral, private person will resolve any legal disputes between them, instead of a judge or …
Enforcement News: KPMG Agrees to Pay A $50 Million Penalty for Improper Use of Confidential PCAOB Data and Information
- Jun 24 2019
On June 17, 2019, the Securities and Exchange Commission (“SEC” or the “Commission”) announced (here) that KPMG LLP (“KPMG”) agreed to settle charges that it altered prior audit work after …
The Appellate Division, First Department, Holds that a Commercial Landlord is Entitled to Summary Judgment in Lieu of Complaint Pursuant to CPLR 3213 With Respect to a Lease Guaranty
- Jun 19 2019
Rule 3213 of the CPLR – which permits a litigant to move for summary judgment in lieu of filing a complaint to streamline litigation in situations where the statute is …
