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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