Bicoastal US team wins for Prime Victor in breach of contract dispute

Global law firm Norton Rose Fulbright obtained a complete victory for Prime Victor Int'l Ltd. (Prime Victor) and prevailed on a motion for judgment on the pleadings in a breach of contract dispute against Simulacra Corp., curtailing the case before discovery.

Prime Victor filed a breach of contract claim against Simulacra stemming from an unpaid convertible promissory note, which the defendant borrower argued that it did not have to repay because it had converted the note to equity as permitted under the contract. Prime Victor argued that the borrower defaulted by not paying at maturity and that the contract did not permit a post-default conversion.

On July 14, 2023, Judge Kearney of the Eastern District of Pennsylvania, sitting in for the United States District Court for the District of Delaware, released a 31-page opinion granting Prime Victor's motion in its entirety, including by awarding unpaid principal and interest, default interest under the note, post-judgment interest and attorneys' fees and costs incurred for the matter, which were permitted under a separate subscription agreement allowing fees for a prevailing party. A final judgment reflecting the same was entered on August 7, 2023.

Norton Rose Fulbright's team was led by Victoria Corder (New York) and Yan Zhang (San Francisco) with support from Joe Hughes (New York).