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NOMURA ASSET CAPITAL CORP. v. CADWALADER WICKERSHAM & TAFT LLP

116147/06, 9697

115 A.D.3d 228 (2014)

980 N.Y.S.2d 95

2014 NY Slip Op 954

NOMURA ASSET CAPITAL CORPORATION et al., Respondents, v. CADWALADER, WICKERSHAM & TAFT LLP, Appellant.

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

Decided February 13, 2014.

Attorney(s) appearing for the Case

Cravath Swaine & Moore LLP, New York City ( David R. Marriott and Evan R. Chesler of counsel), for appellant.

Constantine Cannon LLP, New York City ( Amianna Stovall and Joel A. Chernov of counsel), for respondents.

SWEENY and RENWICK, JJ., concur with RICHTER, J.; FRIEDMAN, J.P., dissents in part in a separate opinion.

OPINION OF THE COURT

RICHTER, J.

In this legal malpractice action, plaintiffs allege that defendant law firm failed to provide them with the appropriate legal advice, and rendered a legal opinion without performing the necessary due diligence, in connection with the securitization of a pool of commercial mortgage loans. When one of the loans went into default, the trustee of the trust holding the mortgages brought an action against plaintiffs in federal...

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