Amini LLC Achieves $40 Million Victory for Secured Lender, Defeating Unconscionability Defense
2024年7月16日 - 3:07AM
ビジネスワイヤ(英語)
Amini LLC prevailed in the Supreme Court of New York, securing
an award totaling over $40 million in outstanding debt and
associated fees for a Delaware limited liability company based in
New York. This amount includes the full repayment sought by the
client, plus pre-judgment interest and legal fees.
The case, led by Amini LLC’s associate Charles Wollman and
founding member Bijan Amini, centered on a commercial dispute
involving a $3.5 million loan provided by the client to the
defendant for short-term working capital to support a startup
investment. Despite clear repayment terms, the defendant failed to
repay the loan within the agreed period of 79 days. Instead, the
repayment extended to 799 days, accruing millions of dollars in
interest. In light of the failure to repay timely, when faced with
a $28 million repayment, the defendant claimed the loan was
unconscionable, argued economic duress, and asserted that the
waivers of defenses signed in forbearance agreements were
invalid.
The court granted summary judgment in favor of the client and
dismissed all the defendant’s arguments. The court confirmed that
the loan documents met the criteria for expedited judgment under
CPLR 3213. Amini LLC demonstrated that there was no evidence
supporting the defendant’s defenses; in fact, evidence pointed to
the contrary. The court found no evidence of procedural
unconscionability, noting that both parties were sophisticated
commercial entities with legal representation and that the terms
were fairly negotiated at arm’s length. Without procedural
unconscionability, the defendant’s arguments of substantive
unconscionability were also dismissed. Additionally, the defendant,
the CEO of a global financial services company with $8 billion in
AUM and significant personal wealth, did not qualify for economic
duress. The defendant had waived his defenses of unconscionability
and duress by signing waivers in the forbearance agreements after
taking the loan. His failure to disaffirm the agreements ratified
the loan documents, making them fully enforceable.
Charles Wollman stated, “This ruling underscores the fundamental
principle that parties in commercial transactions must honor their
agreements, even if one party later regrets the terms. Amini LLC
excels in transforming complex, high-stakes disputes into clear,
winnable cases, securing multi-million-dollar awards for our
clients.”
For additional details or to arrange an interview with the Amini
LLC team, please contact Rachel at marketing@aminillc.com.
Amini LLC (www.aminillc.com) is a premier boutique law firm
specializing in complex commercial litigation. The firm represents
clients nationally, handling a wide range of claims including
contracts, bankruptcies, trade secrets, corporate control, and
professional malpractice. Renowned for its experienced trial
attorneys and exceptional record in high-profile cases, Amini LLC
offers expertise to individuals and entities facing challenging
legal disputes.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240715830152/en/
marketing@aminillc.com