Big Bank Securities Inc. (BBS) is a Delaware-based corporation, with its principal place of business in New York.
BBS trades various securities for its own benefit and for its clients. Cheyenne Securities Investors Inc. (CSI) is a Wyoming-based corporation providing portfolio management for various clients. A trader for CSI contacted BBS through an instant messaging program used by investors. CSI offered to sell $15 million in bonds to BBS in response to an earlier inquiry. BBS agreed to buy the bonds and set a price and time for delivery of the bond instruments. The entire transaction was completed via the instant messaging system. The next day, CSI reneged on the sale claiming it believed BBS had insider information.
CSI has no offices or agents in New York. Would New York state courts have personal jurisdiction over a BBS v. CSI lawsuit for breach of contract?