LAZARD FRERES & CO. v. PROTECTIVE LIFE INS. CO.

No. 616, Docket 96-7664.

108 F.3d 1531 (1997)

LAZARD FRERES & CO., Plaintiff-Counter-Defendant-Appellee, v. PROTECTIVE LIFE INSURANCE COMPANY, Defendant-Counter-Claimant-Appellant.

United States Court of Appeals, Second Circuit.

Decided March 26, 1997.


Attorney(s) appearing for the Case

J. Douglas Richards, O'Sullivan Graev & Karabell, New York City (Andrew D. Manitsky, of counsel), for Defendant-Counter-Claimant-Appellant.

Brad S. Karp, Paul, Weiss, Rifkind, Wharton & Garrison, New York City (Steven C. Herzog, of counsel), for Plaintiff-Counter-Defendant-Appellee.

Before: VAN GRAAFEILAND, JACOBS and CALABRESI, Circuit Judges.


CALABRESI, Circuit Judge:

This breach of contract action between two large and sophisticated bank debt traders involves the attempted sale of several million dollars worth of bank debt. Because it concluded, as a matter of law, that the defendant could not show fraud in the inducement or failure of a condition precedent, the district court granted the plaintiff's summary judgment motion. The district court's decision ultimately turns on two factual issues addressed...

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