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MORPHEUS CAPITAL v. UBS AG

7030.

105 A.D.3d 145 (2013)

962 N.Y.S.2d 82

2013 NY Slip Op 1518

MORPHEUS CAPITAL ADVISORS LLC, Appellant, v. UBS AG et al., Respondents.

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

Decided March 12, 2013.

Attorney(s) appearing for the Case

Kornstein Veisz Wexler & Pollard, LLP, New York City ( William B. Pollard, III and Amy C. Gross of counsel), for appellant.

White & Case LLP, New York City ( Kenneth A. Caruso and Peter E. Wilhelm of counsel), and Chadbourne & Parke, LLP, New York City ( Jeffrey I. Wasserman of counsel), for respondents.

ANDRIAS and MOSKOWITZ, JJ., concur with ROMÁN, J.; TOM, J.P., dissents in a separate opinion.

OPINION OF THE COURT

ROMÁN, J.

In 2008, during the financial crisis that left many financial services companies holding billions of dollars in "toxic assets" (undervalued and underperforming assets), plaintiff and defendant UBS Real Estate Securities Inc. (UBSRE) entered into an agreement whereby plaintiff was to act as UBSRE's "financial advisor and investment banker in the proposed sale of certain of [UBSRE's] student loan warehouse loan facilities...

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