I made two observations coming out of Grand Central Station during my morning commute last week. First, the city really stinks after a string of oppressively hot and humid summer days. Second, there appears to be a temporary taxi stand, perhaps occasioned by the ongoing construction of the new One Vanderbilt building, just outside
Defenses
Doping Suit Brought by Vijay Singh: Appellate Division Affirms Denial of PGA Tour’s Motion
In May 2013, professional golfer Vijay Singh (“Singh”) brought suit against PGA Tour, an organizer of the leading men’s professional golf tours and events in North America, in Vijay Singh v. PGA Tour, Inc. PGA Tour enacted an Anti-Doping Program, which prohibits golfers from using certain substances. The list of prohibited substances was adopted…
In Pari Delicto Defense Can be Raised for the First Time on Appeal, But is No Defense to a Fraudulent Conveyance
Failure to raise an issue at the trial court level is generally considered a waiver of that issue on appeal. Notwithstanding, state courts recognize certain circumstances when raising an issue for the first time on appeal does not prejudice the adversary because the legal issue is “apparent on the face of the record.” 26th LS…
Treasury Secretary Escapes Fraud Claims
On June 5, 2018, in RKA Film Financing, LLC v. Kavanaugh et al., the First Department unanimously affirmed the Supreme Court, New York County’s decision absolving the United States Secretary of the Treasury, Steven Mnuchin, of fraud claims brought by RKA Film Financing LLC (“RKA”), a media financing company.
By way of…
Default Judgment Entered on a Promissory Note Even Though Claim Likely Violated Criminal Usury Laws
So a plaintiff obtains a default judgment against a defendant on a promissory note case. Defendant fails to appear or defend. On a motion to enter the default pursuant to CPLR 3215, one would assume that without opposition, judgment would be entered for the amount of the loans. Interestingly, that’s not quite what happened
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Lawyers Must Continue to Dot Their I’s and Cross Their T’s To Avoid Legal Malpractice Claims
In a legal malpractice claim brought by Plaintiff, an Australian investment bank against Morrison & Foester, claiming that the law firm did not conduct due diligence in uncovering material misrepresentations pertaining to Plaintiff’s underwriting of a public stock offering of Puda Coal, Inc., Justice Scarpulla, in the New York County Supreme Court (Index No.: 650988/15)…
Separate Duty to Notify Revives Untimely Subprime Mortgage Claims
In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed securities formed into a trust in 2007. To put it mildly, the mortgages were problematic (go see…
When Does Intentional Wrongdoing Render a “Limitation of Liability” Clause Unenforceable?
That was the issue presented to the Appellate Division, First Department in Electron Trading, LLC v. Morgan Stanley & Co. LLC, which was an appeal from the grant of defendant’s motion to dismiss a contractual claim seeking damages above the amount allowable under the contract’s limitation of liability clause. Justice Saliann Scarpulla granted defendant’s…
Which Statute of Limitations Applies to Your Declaratory Judgment Action?
So your client wants you to file a declaratory judgment action, but you are unsure of whether the applicable statute of limitations has expired. But what is the applicable statute of limitations in a declaratory judgment action? Since there is no limitations period specifically addressed to the declaratory judgment action, it generally falls under the…
Defamation Claims Against Gemological Institute Doomed: Qualified Privilege Shield Is Stronger Than A Diamond
“Diamonds are nothing more than chunks of coal that stuck to their jobs,” said Malcom Forbes. An industry that generates over $13 billion annually, diamonds are considered one of the world’s major natural resources. Critical to the integrity of the market are reports or certificates that grade the quality of the stones…