Kasowitz Wins Dismissal in Appeal for Bank Client HVB
On October 27, 2011, on behalf of Bayerische Hypo-und Vereinsbank AG ("HVB"), the second largest bank in Germany, Kasowitz won a grant of summary judgment in the New York Supreme Court, Appellate Division, First Department, dismissing all claims against HVB that had been brought by a plaintiff who had engaged in a tax shelter transaction in which HVB served as a lender. The Appellate Division reversed the decision of the trial court, in the Manhattan Commercial Division, that had denied HVB’s summary judgment motion. The Appellate Division held that because the plaintiff, a sophisticated individual, sufficiently understood the transaction, he could not show, as a matter of law, that he justifiably relied on any of the statements he claimed were fraudulent. Kasowitz is national counsel to HVB in connection with various class and individual actions involving tax-related transactions pending in state and federal courts around the country. Kasowitz New York partners Mark W. Lerner and Mark P. Ressler represented HVB in this matter.