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Heng Ren Silk Rd. Invs. LLC v. Duff & Phelps, LLC
Citation: 2022 NY Slip Op 02196Docket: Index No. 653594/18 Appeal No. 15628 Case No. 2021-03584
Court: Appellate Division of the Supreme Court of the State of New York; March 31, 2022; New York; State Appellate Court
Original Court Document: View Document
The Appellate Division, First Department affirmed the Supreme Court’s order denying Duff & Phelps, LLC's motion to seal a confidential valuation report in the case Heng Ren Silk Road Investments LLC v. Duff & Phelps, LLC (2022 NY Slip Op 02196). The decision, made on March 31, 2022, was based on the finding that Duff & Phelps did not demonstrate good cause for sealing the document as required by 22 NYCRR 216.1. Despite arguing that revealing the report could lead to severe penalties under the People's Republic of China Data Security Law (DSL), Duff & Phelps' claims were deemed speculative and insufficient. The court noted that the company had previously stated it did not believe the report fell under the DSL, and failed to provide a thorough analysis or evidence to support the potential application of the DSL to a document created 3.5 years prior. Furthermore, Duff & Phelps could not prove that the valuation report contained confidential proprietary information. Additional arguments from Duff & Phelps were also found to be unconvincing. The decision includes costs awarded to the plaintiffs-respondents. This ruling represents the definitive order of the court.