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Sweet Baby Lightning Enters. LLC v. Keystone Capital Corp.

Loan Interest Usurious, Contract Invalid; No Special Relationship Estopping Usury Defense

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MEMORANDUM OPINION & ORDER Plaintiffs Sweet Baby Lightning Enterprises LLC and John Slater (collectively, “Plaintiffs”) bring this action against Defendants Keystone Capital Corporation, Frank Nocito, and Malcolm Taub (collectively, “Defendants”), raising claims arising from Defendants’ alleged failure to repay a loan. On June 15, 2022, the Court dismissed Plaintiffs’ original Complaint without prejudice, concluding that the loan at issue was unenforceable because it charged an interest rate in excess of New York’s criminal usury rate. Dkt. 31, Memorandum Opinion & Order (“Opinion”). Now before the Court is Defendants’ motion to dismiss Plaintiffs’ Amended Complaint and strike certain allegations in the Complaint. Because Plaintiffs have failed to cure the deficiencies in their original Complaint, their claims are dismissed, this time with prejudice. BACKGROUND The factual background is recounted in full in the Court’s June 15, 2022 Memorandum Opinion & Order (the “Opinion”). The Court assumes familiarity with that background and summarizes the facts here only insofar as they are relevant to the pending motion.1 Plaintiff Sweet Baby Lightning Enterprises is a North Carolina limited liability company whose sole member is Plaintiff John Slater. Plaintiffs allege that Defendant Frank Nocito, the President and CEO of Defendant Keystone Capital, a Connecticut corporation, and Defendant Malcolm Taub, an attorney who represents Keystone Capital, failed to repay a loan dated August 21, 2019. Am. Compl.

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