Credit: suphakit73 / Shutterstock.com NJ Now Allows New Businesses To Recover Lost Profits Established With a 'Reasonable Degree of Certainty'
By a decision issued on Aug. 17, 2022, in 'Schwartz v. Menas,' the Supreme Court of New Jersey joined the majority of other jurisdictions in finding that a per se ban on lost profits damages by a new business is unwarranted.
September 15, 2022 at 10:00 AM
7 minute read
Commercial Litigation
New Jersey long followed the "new business rule," adopted by the Court of Errors & Appeals in Weiss v. Revenue Building & Loan Association, 116 N.J.L 208 (E. & A. 1936), which effectively barred claims for lost profits by new businesses because the court found, such claim cannot be proven with reasonable certainty. In Weiss, the Court of Errors & Appeals noted that in new businesses, "the prospective profits are too remote, contingent and speculative to meet the legal standard of reasonable certainty." Id. at 210, 212.
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