Security Plans, Inc. v. Cuna Mutual Insurance Society
Court of Appeals for the Second Circuit
1Opinion of the Court
SACK, Circuit Judge:
This appeal from a judgment of the United States District Court for the Western District of New York (David G. Larimer, Judge) concerns the scope and effect of the implied covenant of good faith and fair dealing that, as a matter of law, accompanies contracts concluded under New *810York law. Security Plans, a credit insurer, sold its business to CUNA Mutual in' exchange for an upfront sum and a performance-based payment, which would be calculated using three years of returns on Security Plans’ former business. After the requisite time period, CUNA Mutual determined that…
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