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HIGHMOUNT OLYMPIC FUND, LLC v. PIPE EQUITY PARTNERS, LLC

6994, 651103/10, 651109/10.

93 A.D.3d 444 (2012)

940 N.Y.S.2d 49

2012 NY Slip Op 1638

HIGHMOUNT OLYMPIC FUND, LLC, Plaintiff, v. PIPE EQUITY PARTNERS, LLC, et al., Defendants. PIPE EQUITY PARTNERS, LLC, Respondent, v. HIGHMOUNT OLYMPIC FUND, LLC, Appellant.

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

Decided March 6, 2012.

Equity Partners seeks to rescind an investment agreement based on a mutual mistake where the value of the in kind investment contribution that it accepted from Highmount turned out to be less than was represented.

Insofar as the alleged mistake was as to the value of Highmount's interest in AJW, the complaint fails to state a cause of action, for two reasons. First, where there is a mutual mistake as to valuation, as opposed...

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