Ambac Assurance UK Ltd. v. J.P. Morgan Investment Management, Inc.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Catterson, J.
In this breach of contract action, the plaintiff seeks to recover damages for the loss of more than $1 billion from investment accounts created to fund notes it guaranteed. The plaintiff alleges that the defendant, investment manager J.E Morgan Investment Management, Inc., failed to manage the accounts. Instead, defendant continued to hold toxic subprime securities in the accounts while its corporate parent, J.E Morgan Chase, reduced its exposure to the same type of securities based on its knowledge that they “could go up in smoke.”
*4We are asked to determine if…
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- Greenfield v. Philles Records, Inc.New York Court of Appeals · 2002
- Two Guys v. S.F.R. Realty AssociatesNew York Court of Appeals · 1984
- Colnaghi, U.S.A., Ltd. v. Jewelers Protection Services, Ltd.New York Court of Appeals · 1993
- Samiento v. World Yacht Inc.New York Court of Appeals · 2008
- 150 Broadway N.Y. Associates, L.P. v. BodnerAppellate Division of the Supreme Court of the State of New York · 2004
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- Bayerische Landesbank, New York Branch v. Aladdin Capital Management LLCCourt of Appeals for the Second Circuit · 2012
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- Banco Multiple Santa Cruz v. MorenoDistrict Court, E.D. New York · 2012
- Zorbas v. United States Trust Co.District Court, E.D. New York · 2014
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