Attorney(s) appearing for the Case
Weil, Gotshal & Manges LLP, New York City ( Jennifer M. Oliver , Randi W. Singer and Andrey Spektor of counsel), for Appalachian Asset Management Corp., appellant-respondent.
O'Hare Parnagian LLP, New York City ( Robert A. O'Hare Jr. , Jeffrey S. Lichtman , Andrew C. Levitt and Michael Zarocostas of counsel), for William Messmore, appellant-respondent.
DeCotiis, Fitzpatrick & Cole, LLP, Spring Valley ( Gregory J. Bevelock , Alice M. Penna and Jeffrey D. Smith of counsel), for Douglas McBeth, appellant-respondent.
Seward & Kissel LLP, New York City ( M. William Munno , John J. Galban and Celinda Metro of counsel), for Sameer Garg, appellant-respondent.
John V. Golaszewski , New York City, for appellant.
Bingham McCutchen LLP, New York City ( Jason D. Frank , Jordan D. Hershman , Harold S. Horwich and Derek Care of counsel), for respondent-appellant/respondent.
Order, Supreme Court, New York County, entered April 13, 2012, modified, on the law, to deny the motions to dismiss the negligence cause of action as against the individual defendants, and otherwise affirmed, without costs. Order, same court, entered on or about May 8, 2012, affirmed, without costs.
Appellate Division of the Supreme Court of New York, First Department.
OPINION OF THE COURT
SAXE, J.
Plaintiff Aetna Life Insurance Company alleges that defendants directed and arranged the removal from a trust account held for Aetna's benefit of $48.65 million of high-grade securities that were trading at or near par value, and their replacement with toxic, "sticky" subprime-mortgage-backed securities that were actually worth a small fraction of that amount, which securities...
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