Be Careful What You Warrant and Represent In Your Deal Documents; You May Be Liable To A Sophisticated Party For Fraudulent Inducement Even When That Party Fails to Conduct Due Diligence Or ...

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In MBIA Insurance Corporation v. Credit Suisse Securities (USA) LLC, DLJ Mortgage Capital, Inc., and Select Portfolio Servicing, Inc., Index No. 603751/2009 (Sup Ct, NY County, Aug. 9, 2010), Justice Shirley Werner Kornreich denied, in large part, the defendants’ motion to dismiss fraudulent inducement and breach of contract claims based on certain representations and warranties provided to the plaintiff in the parties’ deal documents.

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