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AMBAC ASSUR. UK LTD. v. J.P. MORGAN INVESTMENT MANAGEMENT, INC.

650259/09.

2010 NY Slip Op 50835(U)

27 Misc 3d 1221(A)

AMBAC ASSURANCE UK LIMITED, IN THE NAME OF BALLANTYNE RE PLC, Plaintiff, v. J.P. MORGAN INVESTMENT MANAGEMENT, INC., Defendant.

Supreme Court, New York County.

Decided March 24, 2010.

Attorney(s) appearing for the Case

Plaintiffs were represented by Michael I. Allen, Esq. and Yoram J. Miller, Esq. of Shapiro Forman Allen & Sava LLP, 380 Madison Avenue, New York, New York 10017, Tel. 212-972-4900.

Defendant was represented by Richard A. Rosen, Esq. and Jennifer K. Vakiener, Esq., Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York 10019, Tel: 212-373-3892.

BARBARA R. KAPNICK, J.

Plaintiff Ambac Assurance UK Limited ("Ambac"), brings this action in the name of Ballantyne Re plc ("Ballantyne") against J.P. Morgan Investment Management, Inc. ("JPMIM"), which was allegedly charged with investing and serving as the discretionary investment manager for a $1.65 billion investment portfolio (the "Portfolio") pursuant to an Investment Management Agreement (the "IMA") it entered into with Ballantyne on May 2, 2006.

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