Jefferies Strategic Investments, LLC v. Weiss

Background

Jefferies Strategic Investments, LLC and Leucadia Asset Management Holdings LLC sued George Weiss. In an earlier Opinion and Order, the court denied Weiss’s motion for summary judgment and granted the plaintiffs’ motion for summary judgment. Weiss then moved for reconsideration, asking the court to revisit that decision.

Legal standard

The court explained that reconsideration is not an opportunity to reargue issues simply because a party disagrees with the result. It said reconsideration generally requires the moving party to identify a controlling decision or information that the court overlooked. The court found that Weiss did not meet this strict standard because he raised issues that had already been presented and rejected in his summary-judgment motion.

Contract ruling

The court reaffirmed its earlier conclusion that the forbearance agreement was valid and enforceable as to Weiss. Under New York law, the court said, accepting a counteroffer—including through conduct showing agreement—creates a binding contract. The plaintiffs accepted Weiss’s signed, revised version of the agreement in writing. They also showed acceptance through their conduct by fully complying with their obligations under the revised agreement and filing a financing statement to record their security interest.

Disposition

Judge Alvin K. Hellerstein denied Defendant’s motion for reconsideration. The court concluded that the revised forbearance agreement was a valid contract with the force of law. The Clerk of Court was directed to terminate ECF No. 43.