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DDJ MGT., LLC v. RHONE GROUP L.L.C.

No. 131.

15 N.Y.3d 147 (2010)

931 N.E.2d 87

905 N.Y.S.2d 118

DDJ MANAGEMENT, LLC, et al., Appellants, v. RHONE GROUP L.L.C. et al., Respondents, et al., Defendants.

Court of Appeals of New York.

Decided June 24, 2010.

Attorney(s) appearing for the Case

Law Offices of Arnold M. Weiner ( Arnold M. Weiner of the Maryland Bar, admitted pro hac vice, and Barry L. Gogel of counsel), Epstein Becker & Green, P.C., New York City ( Barry A. Cozier and Ralph A. Berman of counsel), and Whiteford, Taylor & Preston, L.L.P., Baltimore, Maryland ( William F. Ryan, Jr. , Edward M. Buxbaum and Dwight W. Stone, II , of counsel), for appellants.

Wachtell, Lipton, Rosen & Katz, New York City ( Herbert M. Wachtell , Ben M. Germana , Emil A. Kleinhaus and Adam P. Schleifer of counsel), and Sullivan & Cromwell LLP ( Brian T. Frawley and Naomi D. Johnson of counsel), for Rhone Group L.L.C. and others, respondents.

Nixon Peabody LLP, New York City ( Christopher M. Mason and Leah R. Threatte of counsel), for Quilvest S.A. and others, respondents.

Dorsey & Whitney LLP ( Juan C. Basombrio , of the California bar, admitted pro hac vice) and Dorsey & Whitney LLP, New York City ( Marc S. Reiner of counsel), for Scott Duncan, respondent.

Holland & Knight LLP, New York City ( Christelette A. Hoey of counsel), and Holland & Knight LLP, Chicago, Illinois ( Robert H. Lang of counsel), for John Jendrzejewski, respondent.

Wilmer Cutler Pickering Hale and Dorr LLP, New York City ( James H. Millar and Janet R. Carter of counsel), Wilmer Cutler Pickering Hale and Dorr LLP, Boston, Massachusetts ( Tristan C. Snell of counsel), Elliot Ganz , New York City, Otterbourg, Steindler, Houston & Rosen, P.C., New York City ( Jonathan N. Helfat and Richard G. Haddad of counsel), Goldberg Kohn Bell Black Rosenbloom & Moritz, Ltd., Chicago, Illinois ( Richard M. Kohn of counsel), and Joseph R. Alexander , New York City, for Loan Syndications and Trading Association and others, amici curiae.

Chief Judge LIPPMAN and Judges CIPARICK, GRAFFEO, READ, PIGOTT and JONES concur.

OPINION OF THE COURT

SMITH, J.

We hold that plaintiffs in this action for fraud have alleged facts from which a jury could find that they were justified in relying on the representations defendants made to them.

I

Plaintiffs are four companies that loaned a total of $40 million in March of 2005 to American Remanufacturers Holdings, Inc. and affiliated companies (ARI). ARI was a remanufacturer...

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