Hyposwiss Private Bank Genève SA v JLRE4 LLC

Holding The court reinstated the conversion and money had and received claims against the corporate defendants, finding that the specific funds were identifiable and that the defendants’ lack of knowledge or affirmative defenses did not defeat the claims at the pleading stage. The dismissal of claims against individual defendants was affirmed due to the plaintiff’s failure to raise arguments regarding their individual liability on appeal.

The court’s words

the complaint states a claim for conversion against the corporate entity defendants

2026 NY Slip Op 06247, at the official text

the funds are "specifically identifiable" because they "constitute a specific sum . . . that is determinate, and reflects an ascertained amount"

2026 NY Slip Op 06247, at the official text

Defendants' asserted lack of knowledge of Kadima's right to the $2 million does not defeat the conversion claim

2026 NY Slip Op 06247, at the official text

The allegations supporting the money had and received claim against JLRE4 and JLRE 13th Street are also sufficient to survive a motion to dismiss

2026 NY Slip Op 06247, at the official text

Defendants' assertions that equity and good conscience support their retention of the money are insufficient to warrant dismissal at the pleading stage

2026 NY Slip Op 06247, at the official text

a plaintiff is free to choose [its] defendants among multiple tortfeasors, and "joint tortfeasors are not necessary parties to an action"

2026 NY Slip Op 06247, at the official text