ABN AMRO Bank, N.V. v. MBIA Inc.

Abdus-Salaam, J. (dissenting in part).

I would modify, on the law, only to the extent of dismissing the cause of action for unjust enrichment, and would otherwise affirm.

This action alleges fraudulent conveyances under New York’s Debtor and Creditor Law, breach of contract and unjust enrichment. Plaintiffs hold financial guaranty insurance policies issued by defendant MBIA Insurance Corporation (MBIA Insurance), a wholly owned subsidiary of MBIA Inc., that cover a wide variety of “structured-finance” products, such as mortgage-backed securities. Under the policies, MBIA Insurance…