Business Litigation News

 

SUNY Ends Negotiations with Brooklyn Health Partners
The attorneys for the State University of New York (SUNY) have terminated negotiations with Brooklyn Health Partners (BHP), the top bidder in the take over of Long Island College Hospital. The attorneys for SUNY contend that following good faith negotiations, they were still unable to execute a satisfactory contract agreement and consequently will move on to the second highest bidder. Attorneys for Brooklyn Health Partners dispute this claim, arguing that they have provided all requested documentation and the down payment to close the deal. Many legal commentators expect BHP to file suit against SUNY.

Nassau County-Based Beverage Company Buyout Dispute Headed for Trial
Nassau Supreme Court Justice recently ruled that that John Ferolito, who began Nassau County-based Arizona Beverages USA with partner Domenick Vultaggio in 1992, was not entitled to the pre-trial award of $200 million, which would count as part of the eventual buyout of Ferolito’s portion of the private company by Vultaggio.

Supreme Court Won't Consider Fiduciary Status Of Profit-Sharing Plan RecordKeeper
The U.S. Supreme Court won't review an appellate court decision holding that a profit-sharing plan's record keeper didn't act as a plan fiduciary (one who manages an employee benefit plan and its assets) in selecting mutual funds for the plan's investment lineup. Back in April 2013, an appellate court upheld the revenue-sharing practices of American United Life Insurance Co. (AUL) against a challenge by the trustee of a profit-sharing plan that hired AUL to provide record keeping and administrative services.

Court Determines Fair Value of Suffolk County Kosher Deli
The death of one of the two 50/50 owners of Zan's Kosher Deli — brothers Anthony and Pasquale Ruggiero — led to a very not-Kosher family squabble: the deceased Anthony’s widow brought a lawsuit against Pasquale accusing him of cutting her and her family out of the business. This in turn prompted counterclaims by Pasquale accusing his late brother of systematic looting from the business. Find out more about this Suffolk County Supreme Court case by clicking the above link.

United States: Nonprofit Law Revitalization Comes To New York
The new NY nonprofit law will enhance non profit governance by preventing fraud and improving public trust.though the Nonprofit Revitalization Act of 2013. The details of the exact changes are highlighted in the article.

Avoiding a Litigation Nightmare in a Commercial Mortgage Foreclosure
Explains the optimal methods and the regulatory process of having a commercial mortgage foreclosure


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