PNC Bank, National Association v. Optimity Advisors, LLC
- Figueredo
- 1:22-cv-07011
- U.S. District Court · Southern District of New York
- 4
In PNC Bank v. Optimity Advisors, Judge Figueredo enforced the settlement and entered a consent judgment for $3,710,089.79.
PNC Bank, National Association and the defendants named in the case, including Optimity Advisors, LLC, LRM Properties, LLC, Rick D. McNabb, and Lynn A. McNabb.
What happened
PNC Bank, National Association v. Optimity Advisors, LLC involved a settlement requiring the defendants to make scheduled payments on defaulted loans. The defendants made one $10,000 payment but did not make the later required payments.
PNC asked the court to enforce the settlement and enter the agreed consent judgment for $3,720,089.79. The defendants did not dispute missing the payments, but argued that the judgment should be reduced by the $10,000 payment they had made.
Judge Valerie Figueredo granted PNC’s motion to enforce the settlement. She reduced the consent judgment by $10,000, resulting in a judgment of $3,710,089.79.
The detailed version
- PNC Bank, National Association v. Optimity Advisors, LLC · No. 1:22-cv-07011
- Figueredo
- Apr. 23, 2025
Background
PNC Bank, National Association moved to enforce an August 20, 2024 settlement agreement with Optimity Advisors, LLC, LRM Properties, LLC, and Rick D. McNabb. The agreement established a payment plan for amounts owed on certain defaulted loans. The opinion states that the total amount owed was $3,720,089.79.
The agreement required a $10,000 payment on August 30, 2024; a $20,000 payment on September 30, 2024; $10,000 payments on the last business day of each month from October 2024 through February 2025; and a final payment of $3,640,089.79 on March 31, 2025. The opinion states that Defendants made a $10,000 payment in August 2024 but made none of the other required payments. PNC sent a default notice on October 7, 2024, and Defendants did not cure the default.
The settlement agreement provided that Defendants would consent to a judgment if they failed to make the required payments. The parties also agreed that the court would retain jurisdiction to enforce the agreement, and the dismissal order retained that jurisdiction.
Parties’ Positions
PNC sought entry of the consent judgment for $3,720,089.79. Defendants responded that the judgment should be reduced by the $10,000 payment they had made. They did not deny failing to make the additional required payments.
Court’s Analysis
The court applied New York contract law. It concluded that the settlement agreement was clear and unambiguous, required payments on a specified schedule, and plainly provided for entry of a consent judgment after a payment default. Because Defendants failed to make the required payments after the August 2024 payment, the court found that PNC was entitled to enforcement.
Disposition
The court granted PNC’s motion to enforce the settlement agreement. It reduced the consent judgment by $10,000 to account for the August 2024 payment, setting the judgment amount at $3,710,089.79. The conclusion states that PNC’s motion was GRANTED and directs the Clerk of Court to terminate the motion.
Read the full 4-page opinion on CourtListener, the free public archive maintained by the Free Law Project.