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LORELEY FINANCING (JERSEY) NO. 3, LIMITED v. MORGAN STANLEY & CO. INCORPORATED

651633/14, 2874A, 2874.

146 A.D.3d 683 (2017)

2017 NY Slip Op 00551

47 N.Y.S.3d 252

LORELEY FINANCING (JERSEY) No. 3, LIMITED, et al., Respondents, v. MORGAN STANLEY & CO. INCORPORATED et al., Appellants, et al., Defendants.

Appellate Division of the Supreme Court of New York, First Department.

Decided January 26, 2017.

Defendants contend that plaintiffs cannot establish justifiable reliance because they failed to make any inquiry after receiving the final offering memorandum, which warned, "Delinquencies and losses on, and claims for repurchase of, mortgage loans originated by some mortgage lenders have ... resulted from fraudulent activities of borrowers, lenders and appraisers[,] including misstatements of income and employment history ......

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