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BLUEBIRD v. FIRST FID. BANK

279 A.D.2d 239 (2001)

721 N.Y.S.2d 307

BLUEBIRD PARTNERS, L.P., Respondent, v. FIRST FIDELITY BANK, N. A., et al., Appellants, et al., Defendants. (And a Third-Party Action.) (Appeal No.1.) BLUEBIRD PARTNERS, L.P., Respondent, v. UNITED JERSEY BANK, Appellant, et al., Defendants. (And a Third-Party Action.) (Appeal No.2.)

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

February 6, 2001.

Attorney(s) appearing for the Case

Michael C. Harwood of counsel (David M. Friedman and Howard W. Schub on the brief; Kasowitz, Benson, Torres & Friedman, L. L. P., attorneys), for respondent.

Marc Wolinsky of counsel (Lawrence Miller and Louis Solomon on the brief; Wachtell, Lipton, Rosen & Katz, LeBouef, Lamb, Greene & MacRae, L. L. P., and Solomon, Zauderer, Ellenhorn, Frischer & Sharp, attorneys), for First Fidelity Bank, N. A. and others, appellants.

Lester M. Kirshenbaum and Gregory R. Fidlon of counsel (Kaye, Scholer, Fierman, Hays & Handler, L. L. P., attorneys), for Summit Bank, appellant.

WILLIAMS, J.P., ELLERIN and LERNER, JJ., concur.

OPINION OF THE COURT

RUBIN, J.

This is an anomalous case in which plaintiff, conceding that it made "a nice profit" from speculation in bonds issued by a corporation that had sought protection in bankruptcy, sues for damages in connection with those transactions. The basis of the complaint is legal malpractice; however, as reflected in previous decisions of this Court, plaintiff is not a client of the asserted tortfeasors (261 A.D.2d 200...

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