Press Release – New York, NY – October 20, 2025 – Sichenzia Ross Ference Carmel LLP announced today that it obtained a unanimous decision from New York’s Appellate Division, First Department, affirming the dismissal of fraud claims brought against its clients, officers and directors of an energy asset management software company, arising out of a $15 million loan made by the plaintiff to the company. In its decision, the Appellate Division agreed with the lower court that the plaintiff had not adequately alleged damages arising from its fraud claims, and that its reputational and valuation-based damages allegations were insufficient under New York law.
The decision by the Appellate Division is available here.
The SRFC team was led by partners Marc Ross and Richard Babnick, with counsel John Elliott.