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FELDMAN v. NATIONAL WESTMINSTER BANK, N.A.

303 A.D.2d 271 (2003)

760 N.Y.S.2d 3

JEROME FELDMAN et al., Appellants, v. NATIONAL WESTMINSTER BANK, N.A., Respondent. ROBERTA HAYES et al., Appellants, v. NATIONAL WESTMINSTER BANK, N.A., Respondent.

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

Decided March 20, 2003.

Section 8.4 of the Phantom Stock Appreciation Plan at issue in this case states that defendant's predecessor in interest (Bancorp) shall not be liable "for any action or determination made in good faith with respect to the Plan, any Valuation, or any Phantom Stock Award granted hereunder." Under Delaware law, which governs the Plan, an exculpatory clause is enforceable (see Malpiede v Townson, 780 A.2d 1075 [Del 2001]; Goodwin v...

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