Disputes over the scope of insurance coverage are common fixtures in the Commercial Division Courts. Earlier this month, the First Department partially affirmed Justice Sherwood’s decision in Westchester Fire Ins. Co. v. Schorsch et al. Considering a matter of first impression in the New York Commercial Division Courts, the decision holds that a D&O policy’s
Class Action Lawsuit Dismissed: Commercial Division Finds Company’s Alleged Misrepresentations and Omissions During Stock Sale Non-Actionable Under Securities Law
Many of us have previously heard the expression that there is a fine line between fact and fiction. In securities law that holds especially true where companies that risk walking the “fine line” in their registration statements and prospectuses could find themselves liable to their stockholders.
In a recent decision, Justice Barry R. Ostrager granted
Commercial Division Denies Pfizer’s Motion To Dismiss, Holds Allergan’s Claims for Defense Costs Are Ripe
It’s back to business as usual for Commercial Division Justice Andrew Borrok, who recently issued a slew of decisions contributing to New York’s robust Commercial Division jurisprudence. In one decision, Allergan Fin., LLC v Pfizer Inc. (2020 NY Slip Op 50422 [U] [Sup Ct, NY County Apr. 13, 2020]), Justice Borrok denied a motion
Res Judicata: Shareholders Get One Bite at the Derivative Suit Apple
When filing a shareholder derivative suit, it
‘s important to get the job done right the first time, as other shareholders may not get a second bite of the proverbial apple.
In Noor v. Mahmood, the Second Department upheld Justice Lawrence Knipel’s Order which granted defendants’ motion for summary judgment, dismissing a shareholder derivative
Restrictive Covenants: The Importance of Understanding Their Contractual Limits
If supermodel Tyra Banks has taught us anything about the modeling industry, it’s that the competition is fierce. Unfortunately, one Manhattan-based modeling agency and former agent aren’t learning this lesson on the runway—they’re learning it in a courtroom.
In a recent decision, the First Department upheld a portion of Justice Andrea Masley’s Order
Helpful Links to Virtual Courts for Commercial Division Litigators
Three months ago very few of us regularly communicated by virtual videoconferencing. Today, it’s fast become a daily routine, and in all likelihood will become a more permanent part of our practice. Who would have guessed that by May 2020, we would be comfortably conducting mediations, hearings, court conferences and even trials by Skype
Pandemic Aftermath: The Rise Of Interstate Depositions And Discovery
With global commerce massively affected by the COVID-19 pandemic, post-pandemic litigation will undoubtedly result in a rise of interstate depositions and discovery. In turn, litigants engaged in actions pending outside of New York State will seek depositions and discovery from individuals and businesses residing in New York. As a result, New York attorneys will likely
Remote depositions in the wake of the coronavirus COVID-19 pandemic? Here’s how
The COVID-19 pandemic has had widespread impact on litigation, with some courts and most cases coming to a screeching halt. Some courts have responded with Orders or rules (Massachusetts Sup. Jud. Ct. Order OE-144 [March 20, 2020]; Wisconsin S. Ct. Order [March 25, 2020]; Florida S. Ct., No. AOSC20-16 [March 18, 2020]), while others have
How New York Courts Are Navigating the Coronavirus Crisis
A few weeks back, my colleague Chris Clarke reported on the response of the New York court system to the commercial chaos arising out of the COVID-19 pandemic, including in the court system generally, the Appellate Division, and of course, the Commercial Division.
Among other developments, Chris’s post highlighted Chief Administrative Judge Lawrence K. Marks’s
Walking a Fine Line: Asserting a Claim for Mistake in a Contract Without Waiving Privilege
It works the same way in small businesses as it does in major investment firms: the executives reach agreement on the terms of a deal, then leave the lawyers to paper things accordingly. But sometimes the papered deal differs from the agreement the parties actually reached, and neither side notices the differences until long after