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AMBAC ASSUR. v. J.P. MORGAN

5034

88 A.D.3d 1 (2011)

928 N.Y.S.2d 253

2011 NY Slip Op 5942

AMBAC ASSURANCE UK LIMITED, Appellant, v. J.P. MORGAN INVESTMENT MANAGEMENT, INC., Respondent.

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

Decided July 14, 2011.

Attorney(s) appearing for the Case

Shapiro Forman Allen & Sava LLP, New York City ( Michael I. Allen and Yoram Miller of counsel), for appellant.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York City ( Richard A. Rosen , John F. Baughman , Farrah R. Berse and Jennifer K. Vakiener of counsel), for respondent.

SAXE, J.P., ACOSTA, ABDUS-SALAAM and ROMÁN, JJ., concur.

OPINION OF THE COURT

CATTERSON, J.

In this breach of contract action, the plaintiff seeks to recover damages for the loss of more than $1 billion from investment accounts created to fund notes it guaranteed. The plaintiff alleges that the defendant, investment manager J.P. Morgan Investment Management, Inc., failed to manage the accounts. Instead, defendant continued to hold toxic subprime securities in the accounts while its corporate parent, J.P. Morgan...

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