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STARR FOUND. v. AMERICAN INTL.

601380/08, 931, 931A.

76 A.D.3d 25 (2010)

901 N.Y.S.2d 246

THE STARR FOUNDATION, Appellant, v. AMERICAN INTERNATIONAL GROUP, INC., et al., Respondents.

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

Decided May 27, 2010.

Attorney(s) appearing for the Case

Schindler Cohen & Hochman LLP, New York City ( Rebecca L. Fine , Steven R. Schindler , Lisa C. Cohen , Scott W. Bulcao and Karen M. Zakrzewski of counsel), for appellant.

Weil, Gotshal & Manges LLP, New York City ( Joseph S. Allerhand , Stacy Nettleton , Robert F. Carangelo and Brant Duncan Kuehn of counsel), for respondents.

GONZALEZ, P.J., RENWICK and FREEDMAN, JJ., concur with FRIEDMAN, J.; MOSKOWITZ, J., dissents in a separate opinion.

OPINION OF THE COURT

FRIEDMAN, J.

At issue on this appeal is the legal sufficiency under New York law of a claim for fraudulent inducement to continue to hold, rather than sell, a large block of the common stock of defendant American International Group, Inc. (AIG), a publicly traded security. In a nutshell, the theory of the complaint (as amplified by affidavits and testimony offered in response to the motion to dismiss) is that plaintiff The Starr Foundation...

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