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DAI-ICHI LIFE INS. CO., LTD v. AWBURY CORP.

Index No. 651046/21. Appeal No. 15118. Case No. 2021-03144.

201 A.D.3d 544 (2022)

162 N.Y.S.3d 29

2022 NY Slip Op 00352

The Dai-Ichi Life Insurance Company, LTD, Respondent, v. Awbury Corporation et al., Appellants, et al., Defendants.

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

Decided January 20, 2022.

Attorney(s) appearing for the Case

Hogan Lovells US LLP, New York (Hogan Lovells US LLP, New York ( William M. Regan of counsel), for appellants.

Baker & McKenzie LLP, San Francisco, CA ( Mark C. Goodman of the bar of the State of California, admitted pro hac vice, of counsel), for respondent.

Concur—Kapnick, J.P., Singh, Moulton, Shulman, Higgitt, JJ.

This action arises from a structured finance transaction in which plaintiff invested more than $225 million with the expectation of receiving interest earnings on the transaction. Defendants are a corporation (Awbury) and 12 special purpose companies (SPCs) Awbury created for the purpose of facilitating the finance transaction with plaintiff.

Plaintiff alleges that the parties agreed to use a two-tier financial structure to ensure that it would receive timely payments...

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