CIFG ASSUR. v. J.P. MORGAN SEC

654074/12, 2016.

146 A.D.3d 60 (2016)

2016 NY Slip Op 08029

44 N.Y.S.3d 2

CIFG ASSURANCE NORTH AMERICA, INC., Appellant, v. J.P. MORGAN SECURITIES LLC, Formerly Known as "BEAR STEARNS & CO. INC.," Respondent.

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

Decided November 29, 2016.


Attorney(s) appearing for the Case

Quinn Emanuel Urquhart & Sullivan, LLP, New York City ( Sanford I. Weisburst , Richard I. Werder, Jr. , Sean P. Baldwin and Ben Cornfeld of counsel), for appellant.

Simpson Thacher & Bartlett LLP, New York City ( Bryce L. Friedman , Thomas C. Rice , Joshua M. Slocum and William T. Pilon of counsel), for respondent.

TOM, J.P., MAZZARELLI, MANZANET-DANIELS and WEBBER, JJ. concur.


OPINION OF THE COURT

In this action, plaintiff CIFG Assurance North America, Inc., a stock insurance company, alleges that Bear Stearns & Co. Inc., a predecessor of defendant J.P. Morgan Securities LLC, made material misrepresentations that induced CIFG to provide financial guaranty insurance in connection with two collateralized...

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