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Several recent decisions by Commercial Division Justices, two of them affirmed by the First Department, have clarified the limitations and standards applied in actions brought pursuant to Article 75 of the CPLR.  Article 75 permits participants in binding arbitration, irrespective of what arbitral forum they are in, to seek assistance from New York State Supreme Court judges under certain circumstances.
Continue Reading The Commercial Division Reviews Arbitrations: Three Recent Decisions Clarify Standards For Actions Brought Pursuant To Article 75 of the CPLR

In Burlington Coat Factory of N.Y., LLC v. Majestic Rayon Corp., No. 652511/2012, the Supreme Court (J. Kornreich) granted plaintiff Burlington Coat Factory’s (“Burlington”) motion for an injunction to stay and toll the expiration of a thirty-day default cure period and enjoin the defendant landlords Majestic Rayon Corp. and Cudge Realty, LLC (“Landlords”) from terminating Burlington’s lease or tenancy, despite uncertainty over Burlington’s ability to cure the default.  Specifically, the Court found that Burlington’s professed “willingness to do whatever is necessary to cure [the] lease default,” coupled with a potential means to cure, was sufficient to grant the injunctive relief.
Continue Reading “So You’re Saying There’s A Chance…”: Yellowstone Injunctions Alive and Well in the Commercial Division

As reported yesterday in the New York Law Journal, Justice Marcy Friedman of the Commercial Division in Manhattan will now be assigned any new case filed in New York Supreme Court that alleges fraud or misrepresentation arising out of the creation or sale of residential mortgage backed securities (“RMBS”) pursuant to a May 23 Order signed by Administrative Justice Sherry Klein Heitler. Justice Heitler had previously reassigned three cases with RMBS as their subject matter to Justice Friedman. According to Justice Heitler, this May 23 order merely codified this pre-existing practice. Justice Heitler stated that she believed that this practice would promote consistency in rulings and efficiency. Going forward, pursuant to Justice Heitler’s order, any party filing a request for judicial intervention (“RJI”) in New York Supreme Court, Manhattan, in an RMBS matter must attach a copy of the May 23 Order to the RJI.
Continue Reading All Residential Mortgage Backed Securities Cases To Be Assigned To Justice Friedman of the Commercial Division

In IRB-Brasil Resseguros, S.A. v. Inepar Investments, S.A., No. 191, 2012 WL 6571286 (N.Y. Dec. 18, 2012), the Court of Appeals of the State of New York held that a broad choice of law provision in a contract precludes any need for conflict of law analysis. This decision increases the predictability of corporate contracts containing a New York choice of law provision: New York law will apply irrespective of whether any other jurisdiction’s law could apply.
Continue Reading New York Court of Appeals Upholds Broad Choice of New York Law Provision in Contract Even in Absence of Contacts With New York