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LI music company scores $227G court win [Updated]
The state's highest court ruled Monday in favor of J. D'Addario & Co., a well-known musical instrument company, in a fight with Embassy Industries over a canceled development contract.
The two entered a $6.5 million contract for a Smith Street parcel in Farmingdale but the deal never went through. Embassy wanted to keep not only a $650,000 down payment from D’Addario but also the $227,000 that accrued in interest on the down payment.
In a 4-2 decision, the New York State Court of Appeals upheld a mid-level ruling and determined that D'Addario was entitled to the interest. Embassy gets to keep the down payment, according to court spokesman Gary Spencer.
Tags: Court of Appeals