New York Court of Appeals Roundup: Clarifying Contractual Ambiguity and Limiting Consumer Protection Remedies
02.26.25
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In their column in the New York Law Journal, Litigation Partners Bill Russell and Linton Mann III analyzed the recent Court of Appeals decision in Richard Hobish, et al. v. AXA Equitable Life Insurance Company. In the decision, a four judge majority affirmed the dismissal of the plaintiffs’ claims for breach of contract and violations of General Business Law (GBL) §349, reaffirming key principles of contract interpretation, statutory consumer protection law and punitive damages in New York. The decision further clarifies contractual rights for policyholders of universal life insurance policies and restricts consumer protection remedies under GBL §349, particularly in cases involving sophisticated financial products. By addressing both contractual ambiguity and the scope of punitive damages, the decision significantly impacts how insurance disputes and consumer protection claims will be litigated in New York moving forward.
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