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Crowell & Moring LLP | USA | 5 May 2022

NY Court of Appeals Reaffirms Plaintiffs’ Burden to Establish “Sufficient Exposure” to Prove Causation in Toxic Tort Cases

Reaffirming its landmark decision in Parker v. Mobil Oil Corp.,[1] New York’s highest court last week overturned a $16.5 million jury verdict for the…
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Blank Rome LLP | USA | 23 Mar 2022

New York Court of Appeals Implements Constitutional Standard for Judging Games of Chance; Confirms Constitutionality of Interactive Fantasy Sports Law

In a widely anticipated decision for fantasy sports operators and their customers, the New York Court of Appeals has ruled that Article 14 of the…
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Blank Rome LLP | USA | 20 Jan 2022

Two New York Administrative Law Judges Reject Imposition of Sales Tax Where “Primary Function” is Not an Information Service

Two recent New York State decisions illustrate the importance of the "primary function" test for determining taxability under the New York State…
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Maurice Wutscher LLP | USA | 11 Jan 2022

NY App. Court Holds Strict Compliance Required for ‘Separate Envelope’ for Pre-Foreclosure Notice

The New York Appellate Division, Second Department, recently affirmed a lower court’s order granting summary judgment in favor of a borrower in a…
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Sheppard Mullin Richter & Hampton LLP | USA | 22 Dec 2020

NY Court of Appeals Decides Who Gets Access to Required “Open Space”

This past week, in a 4 to 3 decision, New York’s highest court - the Court of Appeals - decided an important New York City land use question…
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Kramer Levin Naftalis & Frankel LLP | USA | 25 Nov 2020

Letters of Intent: A Litigation Trap for the Unwary

Letters of intent, or LOIs, serve an important purpose in corporate deals and M&A, and their use is widespread. Equally widespread is litigation…
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Skadden Arps Slate Meagher & Flom LLP | USA | 18 Nov 2020

New York Court of Appeals Ruling Could Shift Negotiating Leverage to Holdout Noteholders in Out-of-Court Restructurings

The New York Court of Appeals’ recent 4-3 opinion in CNH Diversified Opportunities Master Account, L.P. v. Cleveland Unlimited, Inc., 2020 WL 6163305…
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Kramer Levin Naftalis & Frankel LLP | USA | 5 Nov 2020

New York Court of Appeals Distinguishes Marblegate, Holds Majority-Directed Strict Foreclosure Violates Indenture and Minority Noteholders’ Absolute Legal Right to Payment

On October 22, 2020, in a 4-3 opinion, the Court of Appeals for the State of New York held that the right of certain dissenting minority noteholders…
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Proskauer Rose LLP | USA | 2 Nov 2020

Beware the Privilege Waiver During Investor Due Diligence

As though commercial transactions were not already fraught with enough potential pitfalls, a recent decision from the Southern District of New York…
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Jones Day | USA | 29 Oct 2020

New York's Highest Court Upholds Minority Noteholders' Rights Under Trust Indenture Act

In 2005, Cleveland Unlimited, Inc. ("CU") issued $150 million of five-year senior secured notes ("Notes") guaranteed by subsidiaries under an…
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