United Equities Co. v. First National City Bank

Leonard N. Cohen, J,

This is an action upon stipulated facts to recover consequential damages for loss of profits claiming a breach of a futures purchase contract of 360,000,-000 yen for United States $1,018,710 entered into in April for October delivery in Japan and providing for an automatic *442three-month delivery date extension if the seller defendant bank failed to deliver due to circumstances beyond its control. After an intervening Japanese government regulation frustrated the October performance in Japan the defendant bank, instead of extending the delivery date by three months as…