AMBAC ASSURANCE CORP. v. COUNTRYWIDE HOME LOANS, INC.

Nos. 7286N, 7287N, 7288N, 7289N, M-664, M-665, M-745, 651612/10, 602825/08, 650736/09, 650042/09.

94 A.D.3d 455 (2012)

941 N.Y.S.2d 492

2012 NY Slip Op 2575

AMBAC ASSURANCE CORP. et al., Respondents, v. COUNTRYWIDE HOME LOANS, INC., et al., Defendants, and BANK OF AMERICA CORP., Appellant. MBIA INSURANCE CORPORATION, Respondent, v. COUNTRYWIDE HOME LOANS, INC., et al., Defendants, and BANK OF AMERICA CORP., Appellant. FINANCIAL GUARANTY INSURANCE CO., Respondent, v. COUNTRYWIDE HOME LOANS, INC., et al., Defendants, and BANK OF AMERICA CORP., Appellant. SYNCORA GUARANTEE, INC., Respondent, v. COUNTRYWIDE HOME LOANS, INC., et al., Defendants, and BANK OF AMERICA CORP., Appellant.

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

Decided April 5, 2012.


This is a consolidated appeal involving four related but separate claims by monoline insurers for primary liability against the Countrywide defendants in connection with financial guarantee insurance covering mortgage-backed securities. The actions also involve successor liability against defendant Bank of America. The court properly exercised its discretion in denying defendant's motion to sever plaintiffs' successor liability claims from the primary claims and to consolidate...

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