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EVOLUTION TRADING MANAGEMENT LLC v. THE BANK OF NEW YORK MELLON CORPORATION

Nos. 5839, 104767/10.

88 A.D.3d 605 (2011)

931 N.Y.S.2d 305

2011 NY Slip Op 7511

EVOLUTION TRADING MANAGEMENT LLC et al., Respondents, v. THE BANK OF NEW YORK MELLON CORPORATION, Appellant, et al., Defendants.

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

Decided October 25, 2011.

The asset purchase agreement between defendant and plaintiffs' predecessor provided that the escrow funds would be released in the event of the "Resolution" of the underlying patent infringement lawsuit between Lava Trading Inc. and plaintiff's predecessor. It defined "Resolution" as "entry of a final unappealable order or judgment ... that does not impose any liability or payment obligations on [defendant] for any Losses or settlement...

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