Opinion ID: 324811
Heading Depth: 1
Heading Rank: 3

Heading: Plessey's Counterclaim

Text: 51 In support of its counterclaim Plessey adduced testimony by a partner of Price Waterhouse & Co. that ISL's December 31, 1969 balance sheet understated its liabilities in the form of accounts payable by $33,822 and overvalued inventory by $72,930. 7 The principal item in the overvaluation of inventory was $58,500 attributable to 11,700,000 nonexistent memory cores. Plessey contends there was no evidence sufficient to justify the adverse verdict. 52 We do not reach the merits. Plessey never moved for a directed verdict, for judgment n.o.v., or for a new trial with respect to the counterclaim. A contention that there was insufficient evidence to warrant submission to the jury or that the verdict was against the weight of the evidence cannot be raised for the first time on appeal. 5A Moore, Federal Practice 50.03(2) at 2334; 6A id. 59.15(1) at 265. Oliveras v. American Export Isbrandtsen Lines, Inc., 431 F.2d 814 (2 Cir. 1970), on which Plessey relies, held only that while failure to move for a directed verdict precludes the grant of a motion for judgment n.o.v., for reasons well stated in 5 Moore, Federal Practice 50.08 at 2359, it does not prevent a reversal and remand for a new trial when the district court has committed 'a plain abuse of discretion,' United States v. Socony-Vacuum Oil Co., 310 U.S. 150, 247, 60 S.Ct. 811, 84 L.Ed. 1129 (1940), in denying such a motion. Since Plessey made no motion for that relief, we have no occasion to consider whether its denial would have met the strict standard of Oliveras.