Frequency Electronics, Inc. v. National Radio Company, Inc., and Louis Lerner

This appeal is from a judgment of the United States District Court for the Southern District of New York, entered after a bench trial before Judge Charles L. Brieant, Jr. The trial court determined that a $325,-000 note given by plaintiff-appellee Frequency Electronics, Inc., to National Radio Company, Inc., and subsequently acquired by defendant-appellant Lerner was non-enforceable. It also ordered, after finding that Lerner defrauded the appellee, a partial rescission of the transaction in which the note was originally exchanged.

The facts in this case are set forth in the thorough opinion…