A recent decision of the Appellate Division, First Department has dealt a body-blow to the business judgment rule oft-cited by cooperatives when those cooperatives are fighting with an individual shareholder. The case of Fletcher v. Dakota, Inc., N.Y. Slip Opinion 05338 (1st Dept. 2012) ...
July 6, 2012Joshua C. Price
Well...That actually is not the law. As a general matter cooperatives are free to exercise their business judgment in passing rules and regulations governing the operation of their buildings and Courts are not permitted to substitute their judgment for that of the cooperative's governing boards. An ...
May 5, 2012Joshua C. Price
The Appellate Division has decided a case, Essilfie-Obeng v. Ahyia, 2012 NY Slip Op 01624 (1st Dept. March 6, 2012) that has determined that lead paint existing in a cooperative apartment is the responsibility of the cooperative corporation and not the owner of the individual unit. This decision will relieve ...
March 8, 2012Joshua C. Price