In Morgenthow & Latham v. Bank of New York Company, Inc., 305 AD2d 74, 80, 760 N.Y.S.2d 438 [1st Dept 2003], the defendant, Bank of New York (BNY), was appealing the Supreme Court's denial of its motion to dismiss the plaintiffs' fraud claim on the grounds that the allegations made by the plaintiffs' attorney-in-fact in a separate pending federal action against a different defendant constituted a judicial admission that flatly contradicted the plaintiff's claim. In reversing the Supreme Court, the First Department held that the allegations made by the plaintiffs in the federal action "are binding on plaintiffs and negate any claim of justifiable reliance on BNY's alleged misrepresentations" (id. at 77).