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ABN AMRO BANK v. MBIA INC

No. 124

17 N.Y.3d 208 (2011)

952 N.E.2d 463

928 N.Y.S.2d 647

2011 NY Slip Op 5542

ABN AMRO BANK, N.V., et al., Appellants, et al., Plaintiffs, v. MBIA INC. et al., Respondents.

Court of Appeals of New York.

Decided June 28, 2011.

Attorney(s) appearing for the Case

Sullivan & Cromwell LLP, New York City ( Robert J. Giuffra, Jr. , Michael T. Tomaino, Jr. , Brian T. Frawley , Julia M. Jordan , William H. Wagener and Jonathan C. Shapiro of counsel). Skadden, Arps, Slate, Meagher & Flom LLP ( Jay B. Kasner , Scott D. Musoff and George A. Zimmerman of counsel). Mayer Brown LLP ( Jean-Marie L. Atamian of counsel). Schulte Roth & Zabel LLP ( Alan R. Glickman of counsel). Hughes Hubbard & Reed LLP ( Michael Luskin and Robb W. Patryk of counsel), and Bracewell & Giuliani LLP ( Rachel B. Goldman of counsel), for appellants.

Kasowitz, Benson, Torres & Friedman, LLP, New York City ( Marc E. Kasowitz , Daniel R. Benson , Albert S. Mishaan , Kenneth R. David , Seth A. Moskowitz and Sarmad M. Khojasteh of counsel), for respondents.

Eric T. Schneiderman, Attorney General, New York City ( Steven C. Wu , Barbara D. Underwood and Richard Dearing of counsel), for Superintendent of Insurance, amicus curiae.

New York Civil Liberties Union Foundation, New York City ( Andrew L. Kalloch and Taylor Pendergrass of counsel), for New York Civil Liberties Union and others, amici curiae.

Patrick J. Borchers , Omaha, Nebraska, pro se and Arthur R. Miller , New York City, pro se, amici curiae.

Simpson Thacher & Bartlett LLP, New York City ( David W. Ichel , Barry R. Ostrager , Joseph M. McLaughlin , Patrick T. Shilling and Daniel J. Stujenske of counsel), for Aurelius Capital Master Ltd. and others, amici curiae.

Chief Judge LIPPMAN and Judges SMITH, PIGOTT and JONES concur with Judge CIPARICK; Judge READ dissents in a separate opinion in which Judge GRAFFEO concurs.

OPINION OF THE COURT

CIPARICK, J.

In this dispute between MBIA Insurance Corporation (MBIA Insurance) and certain of its policyholders, the principal question presented is whether the 2009 restructuring of MBIA Insurance and its related subsidiaries and affiliates authorized by the Superintendent of the New York State Insurance Department (the Superintendent) precludes these policyholders from asserting claims...

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