A tort is a non-contract dispute that can involve compensatory damages, equitable remedies such as injunctive relief, and/or punitive damages. Common business torts include:
Misappropriation of Trade Secrets
A trade secret is information not known by competitors and includes confidential customer data. All information is not protectable, so this tort must demonstrate that a trade secret exists and is being improperly used or disseminated. Consult with your New York commercial litigation lawyer to determine whether your trade secrets have been misappropriated.
Tortious Interference with Prospective Economic Relations or Contracts
One may not interfere with parties entering into a contract or with the performance of that contract. Similarly, one may not induce a breach of contract. However, simply offering better contractual terms or stating true facts about a competitor, even if derogatory, might not be actionable. Your New York commercial litigation lawyer can advise you as to whether the behavior at issue in your case is lawfulor tortious.
Fraud is deception by one to gain an unfair advantage over another. Your New York commercial litigation attorney must plead fraud with specificity. The lawsuit must identify the fraudulent activity; allege that the perpetrator knowingly or recklessly engaged in that activity with the intent to deceive, and that the injured party was both reasonable in its reliance and suffered damages as a result. While difficult to prove, a fraud cause of action could lead to the award of punitive damages.
Other Common Torts
Trade libel includes making false statements to a third party, which maligns a business’s products or services. Consumer fraud statutes preclude businesses from engaging in deceptive practices. An action for unfair business practices may arise upon a showing that the defendant unjustifiably attempted to profit from a rival’s talents. Conversion is the wrongful assumption of rights to an asset to the exclusion of its true owner.
Statute of Limitations
The statute of limitations will vary depending on what kind of claim is being asserted, and it could range from one to six years.
Counsel from a New York Commercial Litigation Attorney
Call experienced New York commercial litigation lawyer Michael Hiller and his team to get more information about business torts in New York.