New Jersey Law Journal
April 06, 2021
Sills Cummis' Peter Verniero was
asked about a New Jersey Supreme Court Ruling earlier this year – Goldfarb
v. Solimine – in which, according to the article, “the plaintiff claimed
promissory estoppel after the defendant backed out of a verbal contract to hire
him as a financial adviser to handle his family’s extensive investment
portfolio.”
According to the article, “Peter
Verniero, a partner at Sills Cummis & Gross in Newark, said the
majority ‘carefully describes and distinguishes two types of claims—breach
of contract and promissory estoppel—and two types of damages flowing
respectively from those claims—benefit-of-the-bargain damages and reliance
damages.’
“‘Although the court
ruled within the context of the Uniform Securities Law, I can envision the
court’s teachings to apply in other settings,’ said Verniero, a former
associate justice of the New Jersey Supreme Court and state attorney general.
‘It would not surprise me if this decision were to serve as a tutorial on these
types of claims and damages to guide both the bench and bar in future cases.’”