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MBIA INSURANCE CORP. v. CREDIT SUISSE SECURITIES (USA) LLC

603751/09.

165 A.D.3d 108 (2018)

84 N.Y.S.3d 157

2018 NY Slip Op 06060

MBIA INSURANCE CORP., Appellant-Respondent, v. CREDIT SUISSE SECURITIES (USA) LLC et al., Respondents-Appellants, et al., Defendant.

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

Decided September 13, 2018.

Attorney(s) appearing for the Case

Patterson Belknap Webb & Tyler LLP, New York City ( Erik Haas and Catherine A. Williams of counsel), and Kasowitz Benson Torres LLP, New York City ( Marc E. Kasowitz and Kenneth R. David of counsel), for appellant-respondent.

Orrick, Herrington & Sutcliffe LLP, New York City ( Barry S. Levin , John Ansbro , Richard A. Jacobsen and Paul F. Rugani of counsel), for respondents-appellants.

RENWICK, J.P., ANDRIAS, KERN and OING, JJ., concur.

OPINION OF THE COURT

This appeal concerns the propriety of the motion court's dismissal of plaintiff's (MBIA) fraudulent inducement claim and concomitant ruling that MBIA is required to prove loss causation as an element of its fraud claim.

In 2007, defendant DLJ Mortgage Capital Inc. (DLJ), as sponsor, amassed...

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