DELL'OCA

Plaintiffs Conrad J. Dell’Oca et al. brought suit against a number of defendants, including The Bank of New York Trust Company, N.A. (BNY), seeking damages for investment losses. A jury returned a verdict in favor of plaintiffs against BNY on some, but not all, of their claims. The trial court granted a new trial unless plaintiffs consented to a substantial reduction in damages. Plaintiffs appeal from that order. Plaintiffs also appeal from an order denying their motion for partial judgment notwithstanding the verdict (JNOV), directed at the claims rejected by the jury. BNY appeals from an order denying its own motion for JNOV and also from an order awarding costs to plaintiffs. BNY also has filed a protective cross-appeal, raising issues that become relevant only if the order granting a new trial is reversed. We affirm the order granting a new trial and both orders denying the parties’ respective motions for partial JNOV and JNOV. We reverse the order awarding costs.

Background

The DFS Defendants and the Business Plan

Robert E. Vener was the president, director and controlling shareholder of DynaCorp Financial Strategies, Inc. (DynaCorp), and the president, chief…