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CHASE MANHATTAN v. AKIN, GUMP

309 A.D.2d 173 (2003)

763 N.Y.S.2d 588

CHASE MANHATTAN BANK, Respondent, v. AKIN, GUMP, STRAUSS, HAUER & FELD L.L.P., Defendant, and JEFFERIES & COMPANY, INC., et al., Appellants.

Appellate Division of the Supreme Court of the State of New York, First Department.

August 21, 2003.

Attorney(s) appearing for the Case

Barbara Ellis of counsel (Janis G. White, Martin J. Flannery, Jr., Alyssa Kelman, Joseph Latting and Jennifer L. Mathis on the brief; Locke Liddell & Sapp LLP, Pattison & Flannery and J.P. Morgan Chase Legal Department, attorneys), for respondent.

Andrew W. Stern of counsel (Steven E. Klein and Chad L. Edgar on the brief; Sidley Austin Brown & Wood LLP, attorneys), for appellants.

ANDRIAS, J.P., SAXE, ROSENBERGER and LERNER, JJ., concur.

OPINION OF THE COURT

FRIEDMAN, J.

Nearly 30 years ago, in what the Court of Appeals has described as "an effort to strike a better balance between the often competing policies of encouraging settlement and providing for equitable sharing of liability among tort-feasors" (Mitchell v New York Hosp., 61 N.Y.2d 208, 215 [1984]), the Legislature enacted current General Obligations Law § 15-108 (L 1974, ch 742, ...

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