Opinion ID: 551464
Heading Depth: 2
Heading Rank: 1

Heading: Plaintiffs' Motion to Reconsider

Text: 33 Plaintiffs' motion to reconsider is denied. Throughout plaintiffs' response brief on the motion for summary judgment, rather than respond to the challenges defendant made regarding the concept of a fund based on an S & P index, plaintiffs argued that defendant had misperceived the confidential and proprietary aspect of plaintiffs' idea; what made plaintiffs idea unique, plaintiffs argued, was their perception of why such a fund is marketable. See Plaintiffs' Memorandum in Opposition at 8-11; Brief Discussion of Plaintiffs' Confidential and Proprietary Idea at 2; Plaintiffs' Response to Defendant's Statement of Uncontested Facts at p 9. We held that this alleged confidential and proprietary aspect of plaintiff's idea did not qualify for legal protection under New York law. 34 Plaintiffs now attempt a different approach, arguing that we were wrong to conclude that the concept of a closed-end fund based on an S & P index is not itself a novel idea worthy of proprietary rights. This is so, they contend, because the affidavit of Robert Andrialis stating that S & P had already considered this idea is not supported by the documents defendant supplied as corroborating evidence. 35 We disagree. First of all, it was plaintiffs who chose to recharacterize the idea they sought to protect rather than assert the novelty of the proposed fund itself. Plaintiffs have still not responded to the arguments they skirted by adopting that approach, and we are not inclined to resume briefing now. Plaintiffs chose a theory and must live with its consequences. 36 Second, we stand by our conclusion that there is no genuine fact issue concerning the novelty of a closed-end fund based on an S & P index. Plaintiff Holland testified in his deposition that S & P had previously taken out an ad in the Wall Street Journal soliciting applications for licenses for funds using [S & P's] index as a base. Holland Deposition at 77. The affidavit of Robert Andrialis states: 37 In late 1986 and throughout much of 1987, S & P was involved in assessing whether it should re-enter the funds management business. One method of re-entry we studied extensively and discussed internally was the formation of a closed-end fund based on one or more of our own S & P 100 or 500 Stock Indexes. 38 Andrialis Affidavit at p 2. 39 Plaintiffs offer no explanation of Holland's testimony. As to the Andrialis affidavit, plaintiffs contend that the documents attached as Appendix 2 to defendant's reply brief do not corroborate this statement, and in fact contradict it. We find no basis for the latter contention. The portions of the documents submitted by defendant and referenced by plaintiffs show that several methods of reentering the funds management business were considered; the affidavit states that one method was a fund based on the indexes. As for the lack of corroboration, this argument is immaterial. An unopposed affidavit needs no corroboration and plaintiffs' allegations of incredibility are insufficient to preclude summary judgment. See Anderson v. Liberty Lobby, Inc., 477 U.S. 242, 256-57 (1986); Moreau v. Local Union No. 247, 851 F.2d 516, 519 (1st Cir.1988); Walter v. Fiorenzo, 840 F.2d 427, 434-35 (7th Cir.1988). 40 Plaintiffs' motion to reconsider our grant of summary judgment is denied.