Legal Opinion
Louisiana Stadium & Exposition District v. Financial Guaranty Insurance
Court of Appeals for the Second Circuit
Decided November 6, 2012No. Docket 10-2030PublishedCited by 8 opinions
1Opinion of the Court
Judge HALL dissents in a separate opinion.
POOLER, Circuit Judge:
Louisiana Stadium and Exposition District and the State of Louisiana (together, “LSED”) seek to rescind an agreement to purchase bond insurance from Financial Guaranty Insurance Co. (“FGIC”) and recover its $13 million premium payment. LSED bases its claim on failure of cause, a tenet of Louisiana law that requires all contracts be supported by cause — “the reason why a party obligates himself.” La. Civ.Code Ann. art. 1966, 1967. “Cause” is a broader concept than “consideration,” because cause does not require anything be given…
2Cases cited19 opinions
- Harris v. MillsCourt of Appeals for the Second Circuit · 2009
- Transcontinental Gas Pipe Line Corporation v. Transportation Insurance CompanyCourt of Appeals for the Fifth Circuit · 1992
- Campbell v. MeltonSupreme Court of Louisiana · 2002
- Andrew Dev. Corp. v. West Esplanade Corp.Supreme Court of Louisiana · 1977
- Drs. Bethea, Moustoukas & Weaver LLC v. St. Paul Guardian InsuranceCourt of Appeals for the Fifth Circuit · 2004
14 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- New Orleans City v. AMBAC Assurance Corporation, eCourt of Appeals for the Fifth Circuit · 2016
- Yao-Yi v. Wilmington Trust Co.District Court, W.D. New York · 2017
- Excluded Lenders v. SertaCourt of Appeals for the Fifth Circuit · 2024
- Excluded Lenders v. Serta SimmonsCourt of Appeals for the Fifth Circuit · 2024
- Excluded Lenders v. Serta SimmonsCourt of Appeals for the Fifth Circuit · 2025
3 more not listed; retrieve them via the Exa API.