Genesi v. International Portfolio Inc.

U.S. DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
Contracts

New York Law Journal

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Judge Ronnie Abrams

Under individual April 2010 contracts plaintiffs Genesi, Del Forno and Kovacs provided International Portfolio Inc. (IPI) financing to buy a portfolio of health care debt. IPI failed its obligation to repurchase each plaintiff's portfolio for a predetermined price. Plaintiffs sought summary judgment in their lawsuit to recover $486,000 owed by IPI under three Oct. 19, 2011, letter agreements. Adjudicating plaintiffs' motion on the merits—despite IPI's failure to submit a memorandum of law in opposition, as required by Local Civil Rule 7.1—the court found plaintiffs entitled to summary judgment as a matter of law. It was undisputed that each letter agreement, obligating IPI to repurchase plaintiffs' health care debt portfolios for a fixed agreed-upon amount, explicitly provided that it "constituted an instrument for the payment of money for purposes of New York CPLR §3213 and any other applicable provision of New York or other federal or state law, rule or regulation." Each letter—signed by IPI's president and chief executive—explicitly stated that the repayment obligation was unconditional. Moreover a cursory affidavit by IPI's president appeared to implicitly admit that IPI owed plaintiffs a sum of money that had not been repaid.

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