AETNA LIFE INSURANCE COMPANY, Respondent-Appellant,
v.
APPALACHIAN ASSET MANAGEMENT CORP. et al., Appellants-Respondents, et al., Defendant.
AETNA LIFE INSURANCE COMPANY, Respondent,
v.
CHRISTOPHER McDOUGAL, Appellant.
Appellate Division of the Supreme Court of New York, First Department.https://leagle.com/images/logo.png
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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