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RGH LIQUIDATING v. DELOITTE

No. 99.

17 N.Y.3d 397 (2011)

955 N.E.2d 329

931 N.Y.S.2d 22

2011 NY Slip Op 5368

THE RGH LIQUIDATING TRUST, on Behalf of RELIANCE GROUP HOLDINGS, INC., and Others, Appellant, v. DELOITTE & TOUCHE LLP et al., Respondents.

Court of Appeals of New York.

Decided June 23, 2011.

Attorney(s) appearing for the Case

Gage Spencer & Fleming LLP, New York City ( William B. Fleming and G. Robert Gage, Jr. , of counsel), for appellant.

Kramer Levin Naftalis & Frankel LLP, New York City ( Michael J. Dell and Adina C. Levine of counsel), for respondents.

Chief Judge LIPPMAN and Judges CIPARICK, GRAFFEO, PIGOTT and JONES concur with Judge READ; Judge SMITH dissents and votes to affirm in a separate opinion.

OPINION OF THE COURT

READ, J.

We hold that The RGH Liquidating Trust (the Trust or the Liquidating Trust), established under the bankruptcy reorganization plan of Reliance Group Holdings, Inc. (RGH) as the debtor's successor, is "one person" within the meaning of the single-entity exemption in the Securities Litigation Uniform Standards Act of 1998 (Pub L 105-353, 112 US Stat 3227 [SLUSA]; see 15 USC § 77p [f] [2] [C]; § 78bb [f] [5] [D...

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