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IDT Corp. v. Morgan Stanley Dean Witter & Co – Case Brief Summary (New York)

In IDT Corp. v. Morgan Stanley Dean Witter & Co., 12 NY3d 132, 907 N.E.2d 268, 879 N.Y.S.2d 355 (2009), in 1999, IDT and Telefonica entered into a memo of understanding (MOU) whereby IDT was promised a 10% share in a company to be established by Telefonica (Newco).

In June 2000, Telefonica breached the MOU on the advice of Morgan Stanley. On November 5, 2004, IDT sued Morgan Stanley for intentional interference with their contract with Telefonica.

The court determined that the requisite damage to sustain the tort claim were satisfied from the moment Telefonica breached the original MOU, in June 2000. Id. at 141.