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Criteria for Vacation of a Stipulation of Settlement Not Met

In finding that the motion to vacate a stipulated settlement was properly denied, the Second Department explained the relevant analytical criteria:

“Settlements entered into in open court are binding and are not lightly cast aside” … . A stipulation is an independent contract which is subject to basic principles of contract law … . “Only where there is cause sufficient to invalidate a contract, such as fraud, collusion, mistake or accident, will a party be relieved from the consequences of a stipulation made during litigation” … . Mortgage Elec Registration Sys Inc v Kontarinis, 2015 NY Slip Op 01430, 2nd Dept 2-18-15

 

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