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IKB DEUTSCHE INDUSTRIEBANK AG v. CREDIT SUISSE SEC. (USA) LLC

653122/11. 653964/12. Appeal No. 12375N-12375NA. Case No. 2019-5343.

188 A.D.3d 489 (2020)

135 N.Y.S.3d 396

2020 NY Slip Op 06452

IKB Deutsche Industriebank AG et al., Appellants, v. Credit Suisse Securities (USA) LLC, Formerly Known as Credit Suisse First Boston LLC, et al., Respondents. IKB International S.A. in Liquidation et al., Appellants, v. Morgan Stanley et al., Respondents.

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

Decided November 12, 2020.

The motion court providently exercised its discretion in denying leave to amend the complaints to allege a cause of action for rescission based on mutual mistake (see CPLR 3025[b]; Fleet Factors Corp. v Van Dorn Retail Mgt., 180 A.D.2d 556, 557 [1st Dept 1992]).

We need not decide whether a rescission claim based on mutual mistake may be pleaded as an alternative claim in securities fraud actions. Assuming that such...

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