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PART 60 PUT-BACK LITIG.

No. 84.

36 N.Y.3d 342 (2020)

165 N.E.3d 180

141 N.Y.S.3d 410

2020 NY Slip Op 07687

In the Matter of PART 60 PUT-BACK LITIGATION. DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee of the MORGAN STANLEY ABS CAPITAL I INC. TRUST 2007-NC4, Respondent, v. MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, as Successor-by-Merger to MORGAN STANLEY MORTGAGE CAPITAL INC., et al., Appellants.

Court of Appeals of New York.

Decided December 22, 2020.

Attorney(s) appearing for the Case

Davis Polk & Wardwell LLP, New York City ( Brian S. Weinstein , Matthew Cormack and Craig T. Cagney of counsel), for appellants.

MoloLamken LLP, New York City ( Steven F. Molo , Robert K. Kry , Lauren M. Weinstein and Lauren F. Dayton of counsel), for respondent.

Hughes, Hubbard & Reed LLP, New York City ( Shahzeb Lari of counsel), for Securities Industry and Financial Markets Association, amicus curiae.

Fordham Law School, New York City ( Ethan J. Leib of counsel), for New York Contract Law Professors and Scholars, amicus curiae.

James M. Peaslee , New York City, for Morgan Stanley Mortgage Capital Holdings LLC and another, amici curiae.

OPINION OF THE COURT

Our recent history of cases dealing with residential mortgage-backed securities (RMBS) has a consistent theme: does the contract mean what it says?

Starting in ACE Sec. Corp., Home Equity Loan Trust, Series 2006-SL2 v DB Structured Prods., Inc....

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