Extract to table

However, the Aaronson Memorandum and certain communications by Joanna Reeves create material litigation risk that must be carefully managed

The defendant must have known the representation was false at the time it was made, or must have made the representation with reckless disregard for its truth or falsity

The plaintiff must have actually and justifiably relied on the misrepresentation in deciding to enter into the transaction at issue

The plaintiff must have suffered injury as a proximate result of the reliance on the misrepresentation

Each element must be proved by clear and convincing evidence

CPLR 3016(b) — Heightened Pleading Standard In addition to establishing the substantive elements of the claim, the Counterclaim Plaintiffs must satisfy the heightened pleading requirements imposed by CPLR 3016(b), which provides: "Where a cause of action or defense is based upon misrepresentation, fraud, mistake, willful default, breach of trust or undue influence, the circumstances constituting the wrong shall be stated in detail