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LORELEY FIN. v. CITIGROUP

11887, 652732/11.

119 A.D.3d 136 (2014)

987 N.Y.S.2d 299

2014 NY Slip Op 3358

LORELEY FINANCING (JERSEY) No. 3 LTD. et al., Respondents-Appellants, v. CITIGROUP GLOBAL MARKETS INC. et al., Appellants-Respondents, et al., Defendants.

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

Decided May 8, 2014.

Attorney(s) appearing for the Case

Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York City ( Susanna M. Buergel , Brad S. Karp , Donna Lee and Jane B. O'Brien of counsel), for appellants-respondents.

Kasowitz, Benson, Torres & Friedman LLP, New York City ( Marc E. Kasowitz and Sheron Korpus of counsel), Meister Seelig & Fein LLP, New York City ( James M. Ringer of counsel), and Carter Ledyard & Milburn LLP, New York City ( Stephen M. Plotnick of counsel), for respondents-appellants.

MAllARELLI, J.P., SWEENY, FREEDMAN and GISCHE, JJ., concur.

OPINION OF THE COURT

RENWICK, J.

This appeal stems from an action alleging fraud with respect to an investment bank's sale of collateralized debt obligations (CDOs) which depended upon the positive performance of residential mortgage-backed securities (RMBS). The main issue here is whether the seller's disclaimers and disclosures in the offering documents preclude the purchasers from establishing the reasonable reliance element of the fraud claim. Usually...

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