Salomon Smith Barney, Inc. v. Insurance Co. of Pennsylvania

—Order, Supreme Court, New York County (Herman Cahn, J.), entered June 19, 2001, which, in an action by plaintiff stock brokerage firm against defendant and third-party plaintiff surety to recover on a bond securing payment of a disputed debit balance in third-party defendants investors’ margin account with plaintiff, inter alia, denied the surety’s and the investors’ cross motions for summary judgment dismissing the complaint, unanimously affirmed, with costs.

The subject bond conditions payment on, among other things, an audit, to be performed by a specified accountant and completed no later…