STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM v. SHEARMAN & STERLING


269 A.D.2d 221 (2000)

703 N.Y.S.2d 448

STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM, Appellant-Respondent, v. SHEARMAN & STERLING, Respondent-Appellant.

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

Decided February 15, 2000.


The complaint alleges that plaintiff engaged a non-party financial institution (Equitable), pursuant to a contract (the Correspondent Agreement), to originate, negotiate and close commercial property loans for post-closing assignment to plaintiff. In 1993, plaintiff committed to purchase from Equitable a prospective loan to a New York borrower after the closing of such loan, pursuant to the Correspondent Agreement, subject to the satisfaction of contractual conditions. Equitable...

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