Gollel v. Nassar

Order unanimously modified on the law and as modified affirmed without costs in accordance with the following Memorandum: This action was commenced by plaintiffs to recover compensatory and punitive damages arising out of the alleged fraud and misrepresentation of defendants that induced plaintiff Richard Gollel to purchase the stock of plaintiff Canandaigua Development Corporation. After commencement of this *836action, defendants commenced a separate action to foreclose on a mortgage given by plaintiffs in connection with the purchase. In that action, plaintiffs alleged as defenses the causes…