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ASSURED GUAR. v. DB PRODS.

650705/2010

33 Misc.3d 720 (2011)

927 N.Y.S.2d 880

2011 NY Slip Op 21259

ASSURED GUARANTY MUNICIPAL CORP., Formerly Known as FINANCIAL SECURITY ASSURANCE INC., Plaintiff, v. DB STRUCTURED PRODUCTS, INC., et al., Defendants. DB STRUCTURED PRODUCTS, INC., Third-Party Plaintiff, v. GREENPOINT MORTGAGE FUNDING, INC., Third-Party Defendant.

Supreme Court, New York County.

Decided July 25, 2011.

Attorney(s) appearing for the Case

Lazare Potter & Giacovas LLP ( David E. Potter of counsel), and Murphy & McGonigle, P.C. ( James K. Goldfarb of counsel), for third-party defendants. Latham & Watkins LLP ( James E. Brandt , Richard D. Owens , Noreen A. Kelly-Najah , William O. Reckler , Jason Andrew Grossman and Jessica L. Bengels of counsel), for defendants. Patterson Belknap Webb & Tyler LLP ( Robert W. Lehrburger and Erik Haas of counsel), for plaintiff.

OPINION OF THE COURT

SHIRLEY WERNER KORNREICH, J.

This action arises from an insurance and indemnity agreement (the I & I) between plaintiff Assured Guaranty Municipal Corp.1 (Assured) and various other parties to a securitization transaction of residential mortgage loans. These parties were: defendants DB Structured Products, Inc. (DBSP) and ACE Securities Corp. (ACE); third-party defendant GreenPoint Mortgage Funding, Inc...

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