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AMBAC ASSURANCE CORPORATION Plaintiffs-Appellants-res, v. COUNTRYWIDE HOME LOANS, INC. Defendants-res-ap, BANK OF AMERICA CORP., def
Publication Date: 2017-05-18
Practice Area:
Industry:
Court: SUPREME COURT, APPELLATE DIVISION, FIRST DEPARTMENT
Judge: Richter, J.P., Manzanet-Daniels, Gische, Webber, Kahn, JJ.
Attorneys:
For plaintiff:
For defendant:
Case number: 3145-3145A

3145-3145A. AMBAC ASSURANCE CORPORATION Plaintiffs-Appellants-res, v. COUNTRYWIDE HOME LOANS, INC. Defendants-res-ap, BANK OF AMERICA CORP., def — The Association of Financial Guaranty Insurer

Ambac v. Countrywide, 651612/10
Publication Date: 2017-05-18
Practice Area:
Industry:
Court: Appellate Division, First Department
Judge: Before: Richter, J.P., Manzanet-Daniels, Gische, Webber, Kahn, JJ.
Attorneys:
For plaintiff: For appellants-respondents: Peter W. Tomlinson, Harry Sandick and Robert P. LoBue of counsel, Patterson Belknap Webb & Tyler LLP, New York.
For defendant: For respondents-appellants: Joseph M. McLaughlin, Shannon K. McGovern and David J. Woll of counsel, Simpson Thacher & Bartlett LLP, New York, and Brian D. Hail of counsel, Goodwin Procter LLP, New York. For the Securities Industry and Financial Markets Association, amicus curiae: Richard A. Jacobsen of counsel. Orrick, Herrington & Sutcliffe LLP, New York. For the Association of Financial Guaranty Insurers, amicus curiae: Donald W. Hawthorne of counsel, Axinn Veltorp & Harkrider LLP, New York.
Case number: 651612/10

Panel Holds Insurer to Higher Proof Standard in Frau

May 16, 2017 |

Panel Holds Insurer to Higher Proof Standard in Fraud Suit

An insurer who underwrote mortgage-backed securities that failed during the 2008 housing crisis must prove all the elements of common-law fraud in its suit against Countrywide Home Loans, a Manhattan appeals court has ruled. "There is no merit to Ambac's contention that Insurance Law §3105 dispenses with the common-law requirement of proving justifiable reliance and loss causation," Justice Richter wrote for the panel.
11 minute read
May 16, 2017 |

CLE Symposium Held in Recognition of Kaye

Three legal groups are hosting an educational symposium in Manhattan this month in honor of the late Judith Kaye, the first woman named chief judge in the state of New York.
16 minute read
May 10, 2017 |

Wesley Receives Learned Hand Award

U.S. Court of Appeals for the Second Circuit Judge Richard Wesley was awarded the Learned Hand Medal for Excellence in Federal Jurisprudence Tuesday at the Federal Bar Council's 2017 Law Day dinner in Manhattan.
3 minute read
May 03, 2017 |

Tracking Down a Counterfeiter, Bottle by Bottle, and Finding Justice

The maker of 5-Hour Energy Drinks spent $3.5 million tracking down a large counterfeiting ring that was producing fake product in 2011 and 2012. The first defendant in the conspiracy recently received a seven-year prison sentence.
9 minute read
May 01, 2017 |

Colorado Latest State to Propose Cybersecurity Compliance Rules

The rules for broker-dealers and investment advisers are directed at 'ensuring that each entity has baseline data security procedures in place that are commensurate with its size.'
13 minute read
April 27, 2017 |

Law Journal's Distinguished Leaders Pave the Way

Strong leaders are hard to come by. These Distinguished Leaders fit the bill, demonstrating clear leadership skills as lawyers, managers, scholars, and members of the professional community.
10 minute read
April 21, 2017 |

Constitutional Conventions in New York

The Historical Society of the New York Courts hosted discussions on the history of the state Constitution and the process involved to amend it at the New York City Bar Association on Tuesday.
4 minute read
April 20, 2017 |

Appeals Granted in NYPD Body Camera Footage Case

A trial judge has given permission to both sides in a dispute over public release of footage from body cameras worn by New York City Police Department officers to appeal questions about the case to the Appellate Division.
6 minute read

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