NY High Court Says Oral Contract OK For Securities Trades

Law360, New York (January 10, 2017, 6:30 PM EST) -- New York state’s highest court has slapped down an earlier state appellate division ruling against investment firm Stonehill Capital Management that permitted parties to back out of agreed-upon securities trades without a written sales agreement, saying oral or emailed agreements are sufficient.

The Court of Appeals for the State of New York on Dec. 20 unanimously upheld Stonehill’s motion for summary judgment in its breach of contract suit against distressed mortgage lender Bank of the West and real estate advisory firm Mission Capital Advisors LLC, ruling...
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