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LA. STADIUM & EXPOSITION v. FINANCIAL GUAR. INS.

Docket No. 10-2030.

701 F.3d 39 (2012)

LOUISIANA STADIUM & EXPOSITION DISTRICT, State of Louisiana, Plaintiff-Appellants, v. FINANCIAL GUARANTY INSURANCE CO., Defendant-Appellee, Merrill Lynch, Merrill Lynch & Co., Inc., Merrill Lynch, Pierce, Fenner & Smith, Inc., FGIC Corporation, Defendants.

United States Court of Appeals, Second Circuit.

Decided: November 6, 2012.

Attorney(s) appearing for the Case

James R. Swanson , Fishman Haygood Phelps Walmsley Willis & Swanson, LLP ( Lance C. McCardle , Alysson L. Mills , on the brief), New Orleans, LA, for Plaintiffs-Appellants Louisiana Stadium & Exposition District and State of Louisiana.

Brian S. Fraser , Richards Kibbe & Orbe, LLP, New York, NY ( Shari A. Brandt , on the brief; Rudy J. Cerone , pro hac vice, McGlinchey Stafford PLLC, New Orleans, LA, on the brief, for Defendant-Appellee Financial Guaranty Insurance Corp.).

Judge HALL dissents in a separate opinion.

POOLER, Circuit Judge:

Louisiana Stadium and Exposition District and the State of Louisiana (together, "LSED") seek to rescind an agreement to purchase bond insurance from Financial Guaranty Insurance Co. ("FGIC") and recover its $13 million premium payment. LSED bases its claim on failure of cause, a tenet of Louisiana law that requires all contracts be supported by cause — "the reason why a party obligates himself." La. Civ.Code Ann. art. 1966, 1967. "Cause...

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