Judge Gabriel W. Gorenstein. Photo: Rick Kopstein/ALM Decision of the Day: Contract Not Breached by Deduction for Legal Fees, Dispute Not Settled by Wire Transfer
This ruling was selected and summarized by the New York Law Journal's decision editors.
December 11, 2023 at 10:00 AM
2 minute read
Cases and CourtsEMA Financial sued Vystar for breach of their complex Jan. 2018 loan agreement. Vystar's amended answer asserted counterclaims of breach of contract and unjust enrichment as against EMA.
Denying EMA's motion for summary judgment, Magistrate Judge Gabriel Gorenstein of granted Vystar summary judgment dismissing EMA's Feb. 19, 2019, complaint. Applying governing Delaware law the court held that EMA did not breach the parties' contract when it deducted $3,200 from the parties' stock purchase agreement for legal fees, which was specifically "non-accountable."
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