Business Litigation, Default

Magic Words Still Matter, and Equitable Defenses Can’t Save a “Void” Transfer

Farrell Fritz, P.C. on 9/19/2022

New York’s default rules regarding LLC members’ rights to transfer their interests appear in sections 603 and 604 of the LLC Law. Section 603 provides that a membership interest is fully assignable, but the assignee does not...more

Recent Commercial Division Decision Provides a Primer to the Myriad of Potential Issues Associated with Collecting A Judgment...

Patterson Belknap Webb & Tyler LLP on 2/9/2022

On November 10, 2021, a Commercial Division Court issued a decision on a motion to dismiss the claims brought by Wilmington Trust Company (“WTC”) against a wide range of parties that WTC alleged to be alter egos of an...more

Collateralized Loan Obligations: Emerging Litigation Risks

Robins Kaplan LLP on 6/18/2020

I. Introduction - Financial experts are forecasting significant increases in borrower defaults on leveraged loans held in collateral loan obligations (“CLOs”). From the ashes of these defaults will arise litigation similar...more

Turmoil Follows Involuntary Transfers of LLC Membership Interests

Farrell Fritz, P.C. on 4/22/2020

LLC enabling legislation swept the country in the late 1980s through the mid 1990s. By the turn of the century we saw a trickle of litigation working its way through the courts involving disputes among LLC co-owners. A decade...more

Affirmatively Plead Your Defenses, or Risk “Waiving” Them Goodbye

Farrell Fritz, P.C. on 11/4/2019

Many litigants are familiar with the well-settled rule that an affirmative defense will be waived if it is not included in a CPLR 3211(a) motion to dismiss or in the answer (see CPLR 3211[e]). And so, lawyers tasked with...more

If you don’t use it, you lose it – don’t risk losing your right to terminate a contract by failing to timely notify your...

Farrell Fritz, P.C. on 7/3/2019

In a recent decision in Inferno Restaurant & Pizzeria, Inc. v SW Michaels Pizzeria, Inc., 2019 NY Slip Op 50995(U) (June 13, 2019), the Supreme Court, Albany County, found that where a defendant knew of a plaintiff’s material...more