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  5. 193 A.D.3d 496 (2021)
 

CARLYLE COMMODITY MGT., L.L.C. v. CERTAIN UNDERWRITERS AT LLOYD'S LONDON SUBSCRIBING TO POLICY WITH UNIQUE MKT. REFERENCE B0753PC1410840000

Index No. 651151/17. Appeal No. 13567. Case No. 2020-03383.

193 A.D.3d 496 (2021)

141 N.Y.S.3d 848

2021 NY Slip Op 02237

Carlyle Commodity Management, L.L.C., Formerly Known as Vermillion Asset Management, LLC, et al., Appellants, v. Certain Underwriters at Lloyd's London Subscribing to Policy with Unique Market Reference B0753PC1410840000 et al., Defendants, and Certain Underwriters at Lloyd's London Subscribing to Policy with Unique Market Reference B1353DC1500837000 et al., Respondents.

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

Decided April 13, 2021.

Attorney(s) appearing for the Case

Weil, Gotshal & Manges LLP, New York ( David L. Yohai of counsel), for appellants.

Clyde & Co Us LLP, New York ( John M. Woods of counsel), for respondents.

Concur—Kapnick, J.P., Kern, Singh, Scarpulla, JJ.

Plaintiffs seek to recover under an excess marine cargo insurance policy for losses they sustained when a Moroccan oil refinery became insolvent. Under the arrangement between plaintiff Carlyle Commodities Management L.L.C., then known as Vermillion Asset Management, LLC, and the refinery, Carlyle would pay for crude oil that the refinery had contracted to purchase from third-party suppliers, and the refinery would subsequently repurchase the oil from Carlyle. After the Moroccan...

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