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AMBAC ASSUR. v. COUNTRYWIDE

No. 79.

31 N.Y.3d 569 (2018)

106 N.E.3d 1176

81 N.Y.S.3d 816

2018 NY Slip Op 04686

AMBAC ASSURANCE CORPORATION et al., Appellants, v. COUNTRYWIDE HOME LOANS, INC., et al., Respondents, and BANK OF AMERICA CORP., Defendant.

Court of Appeals of New York.

Decided June 27, 2018.

Attorney(s) appearing for the Case

Quinn Emanuel Urquhart & Sullivan, LLP, New York City ( Philippe Z. Selendy and William B. Adams of counsel), and Selendy & Gay PLLC, New York City ( Philippe Z. Selendy of counsel), for Ambac Assurance Corporation, appellant, and Patterson Belknap Webb & Tyler LLP, New York City ( Peter W. Tomlinson , Robert P. LoBue and Harry Sandick of counsel), for appellants.

Simpson Thacher & Bartlett LLP, New York City ( Joseph M. McLaughlin and David Woll of counsel), Goodwin Procter LLP, New York City ( Brian D. Hail of counsel) and Boston, Massachusetts ( David J. Apfel of counsel), for respondents.

Orrick, Herrington & Sutcliffe LLP, New York City ( Richard A. Jacobsen , Paul F. Rugani and Daniel W. Robertson of counsel), for Securities Industry and Financial Markets Association, amicus curiae.

Allegaert Berger & Vogel LLP, New York City ( Michael S. Vogel , John S. Craig and Lauren J. Pincus of counsel), for Mark J. Browne, amicus curiae.

Axinn, Veltrop & Harkrider LLP, New York City ( Donald W. Hawthorne and Felix J. Gilman of counsel), for the Association of Financial Guaranty Insurers, amicus curiae.

Pastel & Rosen, LLP, Albany ( Robert S. Pastel and Javier R. Tapia of counsel), for New York Insurance Association, Inc., amicus curiae.

Judges STEIN, FAHEY, WILSON and FEINMAN concur; Judge RIVERA dissents in part in an opinion; Chief Judge DiFIORE taking no part.

OPINION OF THE COURT

Plaintiff Ambac Assurance Corporation, a monoline financial guaranty insurer, agreed to insure payments of principal and interest owed to the holders of residential mortgage-backed securities sponsored by defendant Countrywide.1

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