EMIGRANT BANK v. VIRGO INVESTMENT GROUP LLC

Index No. 654350/21. Appeal No. 16753. Case No. 2022-01054.

211 A.D.3d 526 (2022)

180 N.Y.S.3d 44

2022 NY Slip Op 07148

Emigrant Bank et al., Appellants, v. Virgo Investment Group LLC et al., Respondents.

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

Decided December 15, 2022.


Attorney(s) appearing for the Case

Quinn Emanuel Urquhart & Sullivan, LLP, New York ( Gary E. Gans of counsel), for appellants.

Allen & Overy LLP, New York ( Emanuel C. Grillo of counsel), for respondents.

Concur—Acosta, P.J., Kern, Singh, Scarpulla, Pitt-Burke, JJ.


Order, Supreme Court, New York County (Andrew Borrok, J.), entered February 9, 2022, which granted defendants' motion to dismiss the complaint for lack of standing, unanimously affirmed, with costs.

Plaintiffs are two lenders that entered an Amended Loan Agreement (Loan Agreement) with nonparty Old Alchemy (Debtor). Defendants are not parties to the Loan Agreement.

Under the Loan Agreement, plaintiffs established a $59.5 million credit facility, and irrevocably...

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