P.T. Bank Central Asia, New York Branch v. ABN AMRO Bank N.V.
New York Supreme Court, Appellate Division
301 A.D.2d 373, 754 N.Y.S.2d 245 (2003)
- Written by Steven Pacht, JD
Facts
P.T. Bank Central Asia, New York Branch (PT) (plaintiff) sued ABN AMRO Bank N.V. (ABN) (defendant) for fraud. Per PT, ABN induced PT to invest $1 million based on ABN’s knowingly false statement about the value of certain collateral and failed to disclose certain material information. Among other things, PT alleged that ABN had actual knowledge that the value of the relevant collateral was overstated and was worth less than the $1 million that PT was considering investing, yet ABN told PT that the collateral value exceeded $1 million. ABN moved to dismiss PT’s complaint on the ground that PT’s complaint violated Civil Practice Law and Rules (CPLR) § 3016(b), which required that the circumstances constituting the wrong be pleaded in detail in any action based on fraud. Specifically, ABN argued that PT’s complaint did not comply with § 3016(b) because PT did not specify how or when ABN allegedly learned that the collateral’s appraised value was overstated and did not provide evidence supporting its fraud claim. The supreme court agreed with ABN and dismissed PT’s complaint. PT appealed.
Rule of Law
Issue
Holding and Reasoning (Ramos, J.)
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