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SHAIA v. SAW MILL CAPITAL, LLC

2017-13431. Index No. 59787/14.

200 A.D.3d 731 (2021)

158 N.Y.S.3d 218

2021 NY Slip Op 06716

John J. Shaia, Appellant, v. Saw Mill Capital, LLC, Respondent, et al., Defendants.

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

Decided December 1, 2021.

Attorney(s) appearing for the Case

Mintz & Gold, LLP, New York, NY ( Howard Miller and Kevin M. Brown of counsel), for appellant.

Kasowitz Benson Torres LLP, New York, NY ( Mark W. Lerner and Joshua D. Fulop of counsel), for respondent Saw Mill Capital, LLC, and defendants Saw Mill Capital Associates, LP, Saw Mill Capital Holdings, LP, and Saw Mill Investments III, LLC.

Mastro, J.P., Miller, Duffy and Genovesi, JJ., concur.

Ordered that the judgment is affirmed insofar as appealed from, with costs.

The defendant Saw Mill Capital, LLC (hereinafter SMC), is a private equity firm. Private equity firms raise capital from outside investors, and in return, those investors become limited partners in the investment vehicle or "fund." These investors typically receive 80% of the fund's profits, while firm employees receive the remaining 20%, otherwise...

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