Duration Municipal Fund, L.P. v. J.P. Morgan Securities Inc.

Judgment, Supreme Court, New York County (Bernard J. Fried, J.), entered September 23, 2009, dismissing this action for breach of implied covenant of good faith and fair dealing, unanimously affirmed, with costs.

A cause of action based upon a breach of a covenant of good *475faith and fair dealing requires a contractual obligation between the parties (see Phoenix Capital Invs. LLC v Ellington Mgt. Group, L.L.C., 51 AD3d 549, 550 [2008]; Triton Partners v Prudential Sec., 301 AD2d 411 [2003]). Here, plaintiffs cannot sustain their claim for breach of the convenant of good faith and fair dealing…