A New York City Commercial Division judge refused to dismiss a host of claims, including unfair competition, alleged by a potential property buyer against a broker. The court held that the broker’s “longstanding business and personal relationship with FCC’s [buyer] principals, during which FCC provided use of its office space,…
Private lender, in a series of loans, loaned an entity-borrower more than $6 million. The entity was comprised of a father, Michael Miller, and his son, Brandon Miller. While Michael borrowed the money, Michael had his secretary forge Brandon’s signature, which she then notarized. Michael died before the loans were…
Plaintiff, who lives in China, went into contract to purchase a new condominium and associated parking space in New York. The contract contained no financing contingency. Plaintiff made the required deposit but did not provide funds to close. After the contract was signed, China implemented restrictions on money flows out…
Interesting article from Lowenstein Sandler about the interplay between the freedom to contract and the public policy considerations in setting statute of limitation accrual dates, and whether New York is losing out to Deleware as the better place to do business.
In a case between Northrop Grumman and the Republic of Venezuela, the courts were faced with the issue of compelling arbitration in a venue other than the one the parties had agreed to. The Fifth Circuit affirmed the lower court’s decision to compel arbitration in a venue other than Venezuela.…
From Sidley, an issue that can impact complex loans and investments. This case addresses whether the conversion price in a convertible option can be considered interest and run afoul of New York’s criminal usury laws. Adar Bays, LLC v. GeneSYS ID, Inc.
Plaintiff Cooper worked for a company (“DST”) which offered a profit sharing plain in which Cooper participated. The plan had two pools of funds, one which included contributions of the employee, which were partially matched by DST, and a profit sharing account (the “PSA”), to which only DST contributed. DST’s…
“Questions of arbitrability” cover the scope of a dispute and address whether “parties are bound by a given arbitration clause,” and if an agreement to arbitrate “applies to a particular controversy.” The question of whether a matter is required to be arbitrated or whether a party is obligated to arbitrate…
We have discussed cases where the costs of arbitrating a dispute were so prohibitive that the First Department voided the arbitration agreement. In a recent Federal decision out of Texas, a court modified an arbitration agreement’s cost and venue provisions, relieving a party from some of the costs she would…
After an extensive selection process to select arbitrators, and 10 hearings over 19 months, defendant sought an injunction to stay the continuation of an AAA arbitration and to disqualify the remaining two arbitrators. At a point prior to that, the panel chair disclosed that his daughter-in-law was an attorney working…