NY Appellate Court Holds CIFG and Syncora Lack Standing in $1.8 Billion MBS Suit

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On April 25, the First Department of the Appellate Division of the New York Supreme Court affirmed an order barring monoline insurers CIFG and Syncora from suing GreenPoint Mortgage Funding for alleged violations of representations and warranties concerning loans backing $1.8 billion in RMBS securitizations. The order upheld the lower court’s denial of the insurers’ motion to file a third amended complaint, and held that the insurers could not directly assert claims against GreenPoint because they were neither parties to the relevant agreements nor intended third party beneficiaries. Decision.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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