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Cresswell v. Sullivan & Cromwell

668 F. Supp. 166 (1987)

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Cresswell v. Sullivan & Cromwell

United States District Court for the Southern District of New York
668 F. Supp. 166 (1987)

  • Written by Haley Gintis, JD

Facts

In 1985 Edward Cresswell (plaintiff) entered a settlement agreement with Prudential-Bache Securities, Inc. (the company) (defendant). Cresswell had previously filed an action against the company concerning a financial transaction. The agreement was formed after the parties conducted discovery and was entered as a final judgment by the United States District Court for the Southern District of New York. The court then dismissed Cresswell’s suit against the company with prejudice. Shortly after entering into the agreement, Cresswell learned that the company, along with attorneys Sullivan & Cromwell (the attorneys) (defendant), had fraudulently withheld certain discoverable documents during the discovery process. Cresswell sued the company and the attorneys for fraud on the ground that he was induced to settle for a lower amount. Cresswell sought for the court to award damages based on the fraud. The company and the attorneys argued that Federal Rule of Civil Procedure 60(b) (Rule 60(b)) allowed a court to relieve a party from judgment upon discovering the judgment was reached by fraudulent conduct but did not allow for a party to sue for damages relating to the fraud. The company and attorneys moved to dismiss Cresswell’s claim.

Rule of Law

Issue

Holding and Reasoning (Sweet, J.)

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