Boustead Securities, LLC v. Leaping Group Co., Ltd. & ATIF Holdings Ltd.
- Valerie Caproni
- 1:20-cv-03749
- U.S. District Court · Southern District of New York
- 2
In Boustead Securities v. Leaping Group, Judge Caproni adopted the damages recommendation and awarded Boustead $794,062 plus prejudgment interest.
Boustead Securities, LLC received a judgment for $794,062 plus prejudgment interest. The case was closed. The opinion states that a default judgment had previously been entered against Leaping Group Co., Ltd., but it does not state a separate disposition for ATIF Holdings Ltd. in this order.
What happened
Boustead Securities, LLC sued Leaping Group Co., Ltd. and ATIF Holdings Ltd. for breach of contract. The court had previously entered a default judgment against Leaping and sent the case to Magistrate Judge Henry J. Ricardo to determine damages.
Judge Ricardo recommended awarding Boustead $794,062 plus prejudgment interest. Neither party objected within the required 14-day period. Judge Caproni reviewed the recommendation for clear error and found none.
Judge Caproni adopted the recommendation in full, awarded Boustead $794,062 plus prejudgment interest, directed the Clerk to enter judgment, and closed the case. The court also stated that the failure to object precluded appellate review of this decision.
The detailed version
- Boustead Securities, LLC v. Leaping Group Co., Ltd. & ATIF Holdings Ltd. · No. 1:20-cv-03749
- Valerie Caproni
- Oct. 24, 2025
Background
Boustead Securities, LLC sued Leaping Group Co., Ltd. and ATIF Holdings Ltd. for breach of contract. The Court had already entered a default judgment against Leaping. It then referred the case to Magistrate Judge Henry J. Ricardo for an inquest into damages, meaning a proceeding to determine the amount owed.
Report and Recommendation
On July 31, 2025, Judge Ricardo issued a Report and Recommendation recommending that Boustead receive $794,062 in damages plus prejudgment interest. The recommendation informed the parties that they had 14 days to submit written objections. It also warned that failing to object would waive objections and prevent appellate review.
Neither party filed an objection. Because there were no objections, the Court reviewed the recommendation for clear error—an obvious mistake apparent from the record. The Court found no clear error.
Ruling
Judge Valerie Caproni adopted the Report and Recommendation in full. The Court awarded damages of $794,062 plus prejudgment interest, directed the Clerk to enter judgment for Boustead, and ordered the case closed. The Court also stated that the parties’ failure to object precluded appellate review of this decision.
The opinion does not state the amount or rate of prejudgment interest and does not explain the status of ATIF in this order.
Read the full 2-page opinion on CourtListener, the free public archive maintained by the Free Law Project.