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PHOENIX LIGHT SF LIMITED v. CREDIT SUISSE AG

653123/13, 652986/13, 2229, 2228, 2227.

144 A.D.3d 537 (2016)

2016 NY Slip Op 07757

40 N.Y.S.3d 774

PHOENIX LIGHT SF LIMITED et al., Appellants, v. CREDIT SUISSE AG et al., Respondents. PHOENIX LIGHT SF LIMITED et al., Appellants, v. MORGAN STANLEY et al., Respondents.

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

Decided November 17, 2016.

The allegations that with respect to their purchase of residential mortgaged-back securities plaintiffs relied on misrepresentations and omissions made by defendants in the offering documents are sufficient to state the justifiable reliance element of the fraud claims; plaintiffs are not required to allege that they requested from defendants the actual loan files or due diligence reports or that they obtained representations and...

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