Opinion ID: 173907
Heading Depth: 1
Heading Rank: 7

Heading: Motions and Trials

Text: After pre-trial discovery was complete, the parties each brought a motion for summary judgment. These were denied. The case proceeded to a bench trial as to Branin's liability on Bessemer's claim. Following the completion of trial, the filing of post-trial memoranda of law, summations by the parties, oral argument, and additional letter briefs, the district court issued a memorandum opinion and order on April 10, 2006, concluding that Branin violated New York law by impairing Bessemer's good will in the Palmer account, but that Bessemer had not proven a violation of law by a preponderance of the evidence with respect to any other transferred account. Bessemer I, 427 F.Supp.2d at 397-98. Bessemer then moved for summary judgment on Branin's counterclaims. In February 2007, and by a subsequent memorandum opinion and order, the court granted Bessemer's motion. See Bessemer Trust Co., N.A. v. Branin, 498 F.Supp.2d 632, 639 (S.D.N.Y.2007) ( Bessemer II ). Recognizing that Branin's employment contract was terminable at will and that Branin had no contractual right to a bonus above 0% of his salary and [that] his bonus was clearly within the discretion of [Bessemer], id. at 639, the court concluded that Branin's counterclaims were based on an erroneous interpretation of the Purchase Agreement, id. at 637. The court then conducted a separate bench trial on damages. It rejected Bessemer's lost profits theory of damages and accepted Branin's return of capital theory, concluding that Branin was liable to Bessemer in the amount of $826,335 plus prejudgment interest of $402,838 for a total of $1,229,173. Bessemer Trust Co., N.A. v. Branin, 544 F.Supp.2d 385, 390-93 (S.D.N.Y.2008) ( Bessemer III ). Branin appeals as to the district court's finding of liability with respect to the Palmer account, the award of damages, and the grant of summary judgment dismissing his counterclaims. Bessemer cross-appeals as to the district court's calculation of damages.