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ABN AMRO BANK, NV v. MBIA INC.

601475/09, 3123, 3124, 3124A.

81 A.D.3d 237 (2011)

916 N.Y.S.2d 12

ABN AMRO BANK, N.V., et al., Respondents, v. MBIA INC. et al., Appellants.

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

January 11, 2011.

Attorney(s) appearing for the Case

Kasowitz, Benson, Torres & Friedman LLP, New York City ( Marc E. Kasowitz , Daniel R. Benson , Aaron H. Marks , Albert S. Mishaan and Kenneth R. David of counsel), for appellants.

Sullivan & Cromwell LLP, New York City ( Gandolfo V. DiBlasi , Michael T. Tomaino, Jr. and Brian T. Frawley of counsel), for respondents.

Simpson Thacher & Bartlett LLP, New York City ( David W. Ichel , Barry R. Ostrager , Joseph M. McLaughlin , Patrick T. Shilling and Seth M. Kruglak of counsel), for amici curiae.

MAZZARELLI and SWEENY, JJ., concur with FREEDMAN, J.; TOM, J.P., and ABDUS-SALAAM, J., dissent in part in a separate opinion by ABDUS-SALAAM, J.

OPINION OF THE COURT

FREEDMAN, J.

Plaintiffs are institutions that hold insurance policies issued by defendant MBIA Insurance Corporation (MBIA Insurance), which along with the other defendants form a conglomerate. By this plenary action, plaintiffs challenge the restructuring of the conglomerate in 2009, which the Superintendent of the New York State Insurance Department had approved. Plaintiffs claim that the restructuring amounted to a fraudulent conveyance...

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