Goel v. Bunge, Ltd., No. 15-3023 (2d Cir. 2016)
Annotate this CasePlaintiff Vikas Goel founded and managed a computer‐equipment distribution company called eSys Informatics, Ltd. Plaintiff contracted to sell fifty‐one percent of eSys’s shares to Teledata, an Indian company purporting to be in the software business, at the price of $105 million. Plaintiff alleges that Teledata was a sham operation; that it carried on no legitimate business; and that it was only through the connivance of defendants, who participated with Teledata in a complex scheme that involved illegal loans used to generate profits from interest‐rate arbitrage, that Teledata was made to appear an attractive investment partner. On appeal, Goel and Rainforest Trading challenged the dismissal of their claims under the Racketeer Influenced and Corrupt Organizations Act (RICO), 18 U.S.C. 1961 et seq. The district court also declined to exercised supplemental jurisdiction over their state-law claims. The court rejected plaintiffs' contention that their claims are timely under New York's so-called "savings statute," NY CPLR 205(a), and agreed with the district court's conclusion that plaintiffs' claims are untimely. However, the court concluded that the district court erred by relying on materials outside the pleadings in deciding motions to dismiss brought by defendants. Presented with documents extrinsic to the complaint at the motion‐to‐dismiss stage, the district court should have either excluded the documents or, pursuant to Federal Rule of Civil Procedure 12(d), treated the motions to dismiss as motions for summary judgment. Accordingly, the court vacated and remanded.
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