COURT RULES THAT NONRECOURSE PROVISION IN COMMERCIAL CONTRACT BARRED TORT CLAIMS AGAINST PARTY THAT BREACHED CONTRACT
In Iberdrola Energy Projects v. Oaktree Capital Management L.P., 2024 WL 3363321 (N.Y. App. Div. July 11, 2024), a New York appellate court held that a nonrecourse provision in a construction contract entered into by sophisticated parties barred tort claims against the alleged breaching party. Defendants Oaktree Capital Management L.P. (“Defendants”) created a special-purpose entity,…
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