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SYNCORA GUAR. v. J.P. MORGAN

651566/11, 9471.

110 A.D.3d 87 (2013)

970 N.Y.S.2d 526

2013 NY Slip Op 5602

SYNCORA GUARANTEE INC., Formerly Known as XL CAPITAL ASSURANCE INC., Respondent, v. J.P. MORGAN SECURITIES LLC, Formerly Known as BEAR, STEARNS & CO. INC., Appellant.

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

Decided August 13, 2013.

Attorney(s) appearing for the Case

Sullivan & Cromwell LLP, New York City ( Robert A. Sacks , Sharon L. Nelles and Darrell S. Cafasso of counsel), and Greenberg Traurig, LLP, New York City ( Richard A. Edlin , Eric N. Whitney and Anastasia A. Andelova of counsel), for appellant.

Patterson Belknap Webb & Tyler LLP, New York City ( Philip R. Forlenza , Harry Sandick , Matthew J. Shepherd , Lia M. Brooks and Anthony C. DeCinque of counsel), for respondent.

FRIEDMAN, J.P., SWEENY, MOSKOWITZ and FEINMAN, JJ., concur.

OPINION OF THE COURT

MOSKOWITZ, J.

This matter arises out of the collapse of the residential housing market following the global financial crisis of 2007 and 2008. Plaintiff Syncora Guarantee Inc. (Syncora), formerly known as XL Capital Assurance, Inc., is a monoline insurance company that provides insurance for structured finance transactions, including residential mortgage backed securities (RMBS). In March 2007, Syncora agreed to insure an RMBS transaction...

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