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ALBION FUND v. STATE ST. BANK

8 Misc.3d 264 (2003)

ALBION ALLIANCE MEZZANINE FUND, L.P., et al., Plaintiffs, v. STATE STREET BANK AND TRUST COMPANY, Defendant.

Supreme Court, New York County.

April 14, 2003.

Attorney(s) appearing for the Case

Kelley, Drye & Warren, LLP, New York City (John Callagy, Neil Merkl and David Zalman of counsel), for defendant.

Friedman, Kaplan, Seiler & Adelman, LLP, New York City (Edward A. Friedman, Hal Neier and Melissa E. London of counsel), for plaintiffs.

OPINION OF THE COURT

HERMAN CAHN, J.

This is an action by a group of institutional investors who allege that in order to insure repayment of a $15,000,000 loan, a bank participated in a fraud perpetrated by a corporate borrower. The bank, defendant State Street Bank and Trust Company (State Street or the bank), moves for summary judgment (CPLR 3212) dismissing the complaint.

Facts

The action arises out of the massive fraud by...

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