Drip Capital, Inc. v. Big Stock, Inc. and Italo Ligero

CourtDistrict Court, S.D. New York
DecidedSeptember 16, 2025
Docket1:24-cv-02755
StatusUnknown

This text of Drip Capital, Inc. v. Big Stock, Inc. and Italo Ligero (Drip Capital, Inc. v. Big Stock, Inc. and Italo Ligero) is published on Counsel Stack Legal Research, covering District Court, S.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Drip Capital, Inc. v. Big Stock, Inc. and Italo Ligero, (S.D.N.Y. 2025).

Opinion

UNITED STATES DISTRICT COURT lBOCUMENT SOUTHERN DISTRICT OF NEW YORK | ELECTRONICALLY FILED □□ DOC fhe i oy, tye, ESE PDE i [b { Plaintiff, 24-cv-2755 (CM) -against- BIG STOCK, INC., and ITALO LIGERO, Defendants. □□ DECISION AND ORDER McMahon, J.: On April 11, 2024, Plaintiff Drip Capital, Inc. filed this lawsuit against Defendants Big Stock, Inc. (“Big Stock”) and Italo Ligero. The gravamen of the complaint was that both Defendants had failed to repay inventory financing that plaintiff had provided. Defendants were served in late May and early June of this year, Dkt. Nos. 9, 10, but failed to appear and answer the complaint. The Clerk of Court issued a certificate of default (a ministerial task accomplished without judicial involvement) on August 1, 2024, Dkt. No. 16. On September 10, 2024, Plaintiff formally moved for a default judgment. In accordance with this court’s special rules, the Notice of Motion clearly alerted Defendants to the possibility that a default judgment might be entered against them and warned them of the consequences — in large type. Dkt. No, 23. The motion papers were served on both Defendants on the same day the motion was filed — September 10, 2024. Dkt. No, 27, 28. Defendants still did not appear and contest. On October 21, 2024, the court entered a default judgment against both Defendants in the

amount of $566,086.96, plus post-judgment interest at New York’s statutory rate (9%). Dkt. No. 29. At Plaintiff's request the judgment was registered in another district a month later, on November 21, 2024. Dkt. I am advised that the plaintiff served a post-judgment information subpoena on the Defendants in December 2024. Now, in papers filed in June 2025 — a full year after Defendants defaulted, seven months after judgment was entered and six months after receipt of the information subpoena — individual Defendant Italo Ligero has moved to both vacate the court’s default judgment and to dismiss the complaint as against him. Because Ligero has not demonstrated that his extended default was the product of excusable neglect, the motion to set aside the default judgment is DENIED, as is the motion to dismiss — which is not a motion that a judgment debtor is able to file. !

1. Setting Aside a Default Judgment Rule 55(c) of the Federal Rules of Civil Procedure 55(c), entitled “Setting Aside a Default or a Default Judgment,” provides that “The court may set aside an entry of default for good cause, and it may set aside a final default judgment under Rule 60(b).” Rule 60(b), in turn, provides, in relevant part, that “On motion and just terms, the court may relieve a party or its legal representative from a final judgment, order, or proceeding for . .. mistake, inadvertence, surprise, or excusable neglect.” Clarifying what is already implicit in the text of the two rules, the Second Circuit has held that when a motion is made to vacate a default judgment, rather than a mere default, it is the more stringent standard of Rule 60(b) that governs. See, e.g., Am. All. Ins. Co., Ltd. v. Eagle Ins. Co., 92 F.3d 57, 59 (2d Cir. 1996) (We will review the District Court’s denial

! Were I to reach the motion to dismiss on the merits, it would be DENIED as well, because the complaint plainly pleads a claim against Ligero. The matters he brings up — all of which go to whether he can be held personally liable for Big Stock’s debts on a piercing the corporate veil theory — are fact issues that are properly the subject of litigation; they cannot be resolved on a motion to dismiss.

of the motion to vacate the default judgment under the standards applicable to a Rule 60(b) motion, rather than a Rule 55(c) motion, recognizing, however, that Eagle’s motion is made in the default judgment context.”); accord U.S. v, Veeraswamy, 765 ¥. Supp. 3d 168, 188 (E.D.N.Y, 2025) CA motion to vacate a default is subject to a less rigorous standard than applies to a Rule 60(b) motion to vacate a default judgment.” (citation omitted)). Caselaw details how the text of Rule 60(b) is to be applied in the case of motions to vacate a default judgment. As explained by the Second Circuit in Davis v. Musler, 713 F.2d 907, 915 (2d Cir. 1983): In applying Rule 60(b)(1) in the context of default judgments, courts have gone beyond the bare wording of the rule and established certain criteria which should be considered in deciding whether the designated standards have been satisfied. These criteria....include (1) whether the default was willful; (2) whether defendant has a meritorious defense, and (3) the level of prejudice that may occur to the non- defaulting party if relief is granted.” Id. 915. As the Second Circuit has held in denying a motion to vacate a default judgment in Gater Assets Ltd. v. AO Moldovagaz, 2 F 4th 42, 53 (2d Cir. 2021) (citation omitted), the burden is on the defendant to present “highly convincing” evidence supporting vacatur and show “good cause for the failure to act sooner.”

Ligero has made no showing of “excusable neglect” under Rule 60(b) and has certainly not mustered the type of “highly convincing” evidence required to obtain vacatur. That alone is reason to deny the motion. a. Mr. Ligero Has Not Made Any Showing of Excusable Neglect. In moving to vacate the default judgment entered against him, Ligero’s Memorandum of Law does not discuss the relevant legal standard for granting such a motion — indeed, the brief does not even mention Rule 60(b), or even Rule 55(c). The brief’s discussion of excusable neglect is reprinted below in its entirety:

As shown in the recent correspondence between counsel, and communications between the parties as recent as March 2025 (Italo Declaration at Exhibit B), and between counsel in March 2025 (Declaration of Dan Brecher, Esq. dated June 6, 2025), the excusable delay in submitting this motion from the fall of 2024 to the present, resulted from the continued negotiations and communications between the parties in settlement efforts, that also include communications between counsel for the Plaintiff and counsel for Italo that are submitted as exhibits herein.” Dkt. No. 35, at2. Notably, the brief speaks only of “the excusable delay in submitting this motion” (emphasis added), making no argument to justify why Ligero defaulted in the first piace. It is his default, not the amount of time it took io make the motion to vacate, that is supposed to be excusable, Ligero offers no excuse at all for not responding to the complaint or to the original motion for a default judgment. In his declaration in support of his motion to vacate, Ligero states his position as follows: The reason I have not responded to the Complaint or filed this motion sooner is that, as recently as February and March 2025, Plaintiff was sending requests about information concerning Big Stock Inc., and we were seeking an accommodation whereby my father, the correct sole owner of the business, would be replaced as the individual defendant in order to reach a deal to resolve the litigation and the debt the corporation owed (See Exhibit B attached hereto). Dkt. No. 34, 76. This does not qualify as excusable neglect for Ligero’s default. Moreover, it is not an accurate statement of what occurred. Let us review the facts, which are fully set forth in the papers Plaintiff filed in opposition to Ligero’s motion. Plaintiff's counsel has compiled extensive correspondence between representatives of Drip Capital, their attorneys, and Ligero, showing that Ligero was repeatedly put on notice about the lawsuit and the consequences of failing to respond. See Dkt. No. 38-1 through 38-7. The record contains no indication of ongoing negotiations that might have justified his failure to respond.

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Drip Capital, Inc. v. Big Stock, Inc. and Italo Ligero, Counsel Stack Legal Research, https://law.counselstack.com/opinion/drip-capital-inc-v-big-stock-inc-and-italo-ligero-nysd-2025.