In Group 88, Inc. v. AGA Capital NY, Inc. , Group 88 went to a licensed mortgage broker -- AGA Capital -- for assistance with financing of a deal. But when the terms of that loan weren't as originally represented a lawsuit was filed.
Group 88 wanted to acquire nine cooperative apartments. After its loan request was rejected by one lender, AGA was able to get financing from another entity and Group 88 accepted the terms of that deal. Yet, it still sued alleging breach by AGA of certain oral representations.
After the Kings County Supreme Court dismissed the case, the Appellate Division, Second Department, agreed AGA hadn't guaranteed any deal related terms.
In other words, Group 88 couldn't Capitalize on that.
To download a copy of the Appellate Division's decision, please use this link: Group 88, Inc. v. AGA Capital NY, Inc.