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Article

Day Pitney LLP | USA | 24 Feb 2011

New Jersey court analyzes counterclaim waiver provision in commercial loan documents

In a recent decision, the New Jersey Superior Court, Appellate Division, analyzed the enforceability of a counterclaim waiver provision contained in commercial loan documents.

Article

Katten Muchin Rosenman LLP | USA | 10 Dec 2010

Commission siphoning supports corporate veil piercing

The U.S. Court of Appeals for the Second Circuit affirmed a bench trial verdict in a breach of contract case, holding that the district court properly “pierced the corporate veil” and imposed liability on a defendant corporation under an “alter ego” theory.

Article

Katten Muchin Rosenman LLP | USA | 11 Jun 2010

Second Circuit holds that interpreting contract as requiring exclusivity would be illogical

The U.S. Court of Appeals for the Second Circuit has affirmed a district court ruling that held that the “plain meaning” of the contract between AT&T Corporation and KATEL Limited Liability Company with respect to the exchange of telephone calls between the United States and Kyrgyzstan did not require exclusivity.

Article

Katten Muchin Rosenman LLP | USA | 31 Jul 2009

Statute of frauds bars claim for recommending investment in Ponzi scheme

The Second Circuit Court of Appeals affirmed the Southern District of New York’s dismissal of a complaint by South Cherry Street, LLC, alleging that Hennessee Group LLC breached an oral contract to provide investment advisory services.

Article

Cadwalader Wickersham & Taft LLP | USA | 31 Jul 2008

Contract party’s full performance does not prevent rejection of contract

In COR Route 5 Co. v. Penn Traffic Co.1 (In re Penn Traffic Co), the United States Court of Appeals for the Second Circuit held that a non-debtor party to an executory contract may not, by fulfilling its contractual obligations post-petition, deprive the debtor of its ability to reject an executory contract.

Article

Cadwalader Wickersham & Taft LLP | USA | 21 Sep 2007

Pre-plan settlements that violate the absolute priority rule may face obstacles

In Motorola, Inc. v. Official Committee of Unsecured Creditors (In re Iridium Operating LLC), 478 F.3d 452 (2d Cir. 2007), the Official Committee of Unsecured Creditors (the “Committee”) and the debtors’ lenders sought approval of a settlement prior to confirmation of a plan of reorganization.

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