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CWCAPITAL COBALT v. CWCAPITAL

Index No. 653277/18. Appeal No. 12895. Case No. 2019-03826.

195 A.D.3d 12 (2021)

145 N.Y.S.3d 61

2021 NY Slip Op 02487

CWCAPITAL COBALT VR LTD., Appellant, v. CWCAPITAL INVESTMENTS LLC et al., Respondents.

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

Decided April 27, 2021.

Attorney(s) appearing for the Case

Quinn Emanuel Urquhart & Sullivan, LLP, New York City ( Jonathan E. Pickhardt , William B. Adams , Rex Lee and Blair Adams of counsel), and Ganfer Shore Leeds & Zauderer LLP, New York City ( Mark C. Zauderer and Grant A. Shehigian of counsel), for appellant.

Venable LLP, New York City ( Gregory A. Cross , Colleen Mallon Casse and Konstantina A. Calabro of counsel), for respondents.

WEBBER, J.P., and SHULMAN, J., concur with MAZZARELLI, J.; GONZÁLEZ and SCARPULLA, JJ., dissent in an opinion by SCARPULLA, J.

OPINION OF THE COURT

In 2007, plaintiff, CWCapital Cobalt VR Ltd. (Cobalt), created an investment vehicle whereby it placed its investors' money in approximately 50 different trusts holding commercial mortgage-backed securities (CMBS). The investors received collateralized debt obligations (CDOs), the collateral being the...

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