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BASIS YIELD v. MORGAN STANLEY

652129/12, 12527.

136 A.D.3d 136 (2015)

23 N.Y.S.3d 50

2015 NY Slip Op 09645

BASIS YIELD ALPHA FUND MASTER, Respondent, v. MORGAN STANLEY et al., Appellants, et al., Defendants.

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

Decided December 29, 2015.

Attorney(s) appearing for the Case

Davis Polk & Wardwell LLP, New York City ( James P. Rouhandeh , Paul S. Mishkin , Daniel J. Schwartz , Nicholas N. George and Scott A. Eisman of counsel), for appellants.

Scott, Douglass & McConnico, L.L.P. ( Jane M.N. Webre of the Texas bar, admitted pro hac vice, of counsel), and Guzov, LLC, New York City ( Debra J. Guzov and Anne W. Salisbury of counsel), for respondent.

GONZALEZ, P.J., MOSKOWITZ and KAPNICK, JJ., concur.

OPINION OF THE COURT

This appeal presents the question of whether a sophisticated investor has sufficiently alleged that it justifiably relied on credit ratings of securities that defendants, the organizers of the offering, allegedly had manipulated and otherwise knew, from nonpublic information, to be inaccurate. We hold...

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