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AMBAC ASSURANCE CORPORATION v. NOMURA CREDIT & CAPITAL, INC.

9746, 651359/13.

175 A.D.3d 1165 (2019)

109 N.Y.S.3d 241

2019 NY Slip Op 06574

Ambac Assurance Corporation et al., Respondents, v. Nomura Credit & Capital, Inc., Appellant, et al., Defendant.

Appellate Division of the Supreme Court of New York, First Department.

Decided September 17, 2019.

Attorney(s) appearing for the Case

Sherman & Sterling LLP, New York (Jefrey D. Hoschander of counsel), for appellant.

Patterson Belknap Webb & Tyler LLP, New York (Henry J. Ricardo of counsel), for respondents.

Concur—Sweeny, J.P., Renwick, Webber, Oing, JJ.

Plaintiff Ambac Assurance Corporation (Ambac) is a Wisconsin-domiciled insurer with headquarters in New York. It deteriorated financially as a result of the crisis in the mortgage industry, and plaintiff Segregated Account of Ambac Assurance Corporation (Segregated) was created in connection with Ambac's statutory rehabilitation under Wisconsin law (see Wis Stat Ann §§ 645.31, 645.32). Ambac allocated to Segregated all of its residential mortgage-backed securities...

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