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VA MGT., LP v. ODEON CAPITAL GROUP, LLC

654492/19. Appeal No. 12611. Case No. 2020-02368.

189 A.D.3d 525 (2020)

133 N.Y.S.3d 799

2020 NY Slip Op 07482

VA Management, LP, Respondent, v. Odeon Capital Group, LLC, et al., Appellants.

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

Decided December 10, 2020.

Attorney(s) appearing for the Case

Bressler, Amery & Ross, P.C., New York ( Mark Knol , David Butler and Gregory S. Sparer of counsel), for Odeon Capital Group LLC, appellant.

Skadden, Arps, Slate, Meagher & Flom LLP, New York ( Alexander C. Drylewski and James Carroll , of the bar of the State of Massachusetts, admitted pro hac vice, of counsel), for Janney Montgomery Scott LLC, appellant.

Duane Morris LLP, New York ( Dana B. Klinges of counsel), for C&Co/PrinceRidge LLC and J.V.B. Financial Group, LLC, appellants.

Susman Godfrey LLP, New York ( Beatrice C. Franklin of counsel), for respondent.

Concur—Manzanet-Daniels, J.P., Mazzarelli, Gesmer, Moulton, Shulman, JJ.

The facts alleged in the complaint describe a fraudulent scheme between employees of plaintiff and employees of defendants in which plaintiff benefitted directly from its employees' fraud by way of inflated net asset values for the funds it managed. This benefit to plaintiff directly from the fraudulent acts of its employees renders the adverse interest exception to the in pari delicto defense unavailable (Kirschner v KPMG LLP, 15 N.Y.3d 446

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