Sybron Can. Holdings, Inc. v. Niznick, Index No. 650908/14, 03/03/2017 (Ostrager, J.)

Buyout Provisions; Cause Call Options; Breach of Contract; Fiduciary Duties

By: Kayla Kuzniewski | Staff Writer

Plaintiff purchased a majority interest in Defendant’s dental business. Plaintiff bought Defendant out after learning Defendant manipulated Plaintiff and its employees to ensure that he maintained full control of the company. Continue reading

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Progresso Ventures, LLC v. Mazzola, Index No. 652730/2015, 3/15/2017 (Ramos, J)

Partial Summary Judgment; CPLR 3212; Guarantee Agreement; Breach of Guarantees; Default of Obligation; Reinvestment

By: Christina Falco | Staff Writer

Defendants executed a Note Purchase Agreement (“Note Agreement”). Prior to execution, Mazzola, DiSanluciano, and Barkow (collectively, the Guarantors) each executed a Personal Guarantee Agreement to ensure that all obligations under the Note Agreement would be performed. Continue reading

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Louis Morizio v. Adirondack Research & Mgmt., Inc., Index No. 3005-12, 2/17/2017 (Platkin, J.)

Dilution; Voting Rights; Fiduciary Duty; Leave to Amend; Petition; Dissolution; Renew; Cross Motion; Leave to Discontinue

By: George Beck | Staff Writer

In a prior matter, Plaintiff shareholder sought dissolution of Defendant’s corporation under BCL 1104(a), alleging breach of contract, breach of fiduciary duty, and unjust enrichment. Continue reading

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Financial Guar. Ins. Co. v. Morgan Stanley ABS Capital I Inc., Index No. 652914/2014, 01/23/2017 (Friedman, J.)

Motion to Dismiss; Fraud; Breach of Contract; RMBS monoline insurance litigation

By: Richie DeMarco | Staff Writer

Plaintiff issued an insurance policy guaranteeing payments on certain certificates in a residential mortgage-backed securitization (“RMBS”) transaction (“Transaction”). Continue reading

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Nandlal v. Al-Pros Constr., Inc., Index No. 16256/12, 4/7/17 (Dufficy, J.)

Breach of Contract; Unjust Enrichment; Alter-Ego Liability

By: Gregory Brown, Jr. | Executive Publications Editor

Plaintiffs entered into a contract with Defendant, a construction company, for the renovation of Plaintiff’s home. Continue reading

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Ambac Assur. Corp. v. Countrywide Home Loans, Inc., Index No 653979/14, 12/19/2016 (Friedman, J.)

Fraud; Fraud Inducement; Justifiable Reliance; Damages

By: Taylor E. Anderson | Staff Writer

Plaintiff insured eight residential mortgage-backed securities (“RMBS”) transactions (“the Transactions”). Defendant and its subsidiaries supplied all or most of the loans for the transactions and was the underwriter for one of the transactions. Continue reading

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Pokoik v. Norsel Realties, Index No. 653382/2014, 4/12/2017 (Oing, J.)

Motion to Dismiss; Standing; Shareholder Derivative Action; CPLR 3211

By: James Clarke | Senior Staff Writer

Plaintiffs own 10% of Norsel Realties (“Norsel”), a New York partnership owning land in Manhattan. Continue reading

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Royal Park Investments SA/NV v. Morgan Stanley, Index No. 653695/2013, 4/11/2017 (Ramos, J.)

Holding Company; Residential Mortgage-Backed Securities; Fraud; Transfer of Rights; Contracts; Security Transfers.

By: Aaron Jacob | Senior Staff Writer

Plaintiff, Royal Park Investments (hereinafter “RPI”) is a limited liability company incorporated under the laws of Belgium and wholly owned by Fortis Bank, the banking arm of Fortis Holdings (hereinafter “Fortis”). Continue reading

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Siras Partners LLC v. Activity Kuafu Hudson Yards LLC, Index No. 650868/2015, 3/29/2017 (Oing, J.)

Breach of Contract; Breach of Fiduciary Duty; Declaratory Judgment; Permanent Injunction

By: Amanda Tersigni | Senior Staff Writer

This case stems from a complex matter involving multiple parties and two interrelated actions. Continue reading

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Jung Sook Choi v. AmTrust North American et al., Index No. 26455/2016, 11/03/2016, (Rosenbaum, J.)

Motion to Dismiss; Contractual Interpretation; Contractual Ambiguity; Policy Exclusions

By: Kelsey Dougherty Howard | Staff Writer

Plaintiff purchased a piece of real property to operate as a restaurant in 2009. Prior to Plaintiff’s purchase, the property was operated as a dry cleaning business with chemical tanks buried underground. Continue reading

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