GRAMERCY EQUITIES v. DUMONT


72 N.Y.2d 560 (1988)

Gramercy Equities Corp. et al., Plaintiffs, v. Paul Dumont, Defendant and Third-Party Plaintiff-Respondent. Anthony P. Russo, Third-Party Defendant-Appellant.

Court of Appeals of the State of New York.

Decided November 22, 1988.


Attorney(s) appearing for the Case

Alan D. Scheinkman and Miriam M. Robinson for third-party defendant-appellant.

Aaron Gelbwaks and Laurence S. Margolin for defendant and third-party plaintiff-respondent.

Chief Judge WACHTLER and Judges SIMONS, ALEXANDER, TITONE, HANCOCK, JR., and BELLACOSA concur.


KAYE, J.

Where one joint venturer, managing the business of the joint venture, alone commits an intentional fraud against third parties resulting in the recovery of damages by them, he is not thereafter entitled to be indemnified by the other joint venturer.

This appeal — involving solely the allocation of damages between coventurers inter se — arises out of the conversion of a Manhattan...

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