Law360, New York (February 01, 2011, 8:17 PM ET) -- A New York appeals court has tossed the lone remaining claim — for breach of contract — in MBIA Inc.’s suit alleging Merrill Lynch & Co. Inc. misrepresented the quality of $5.7 billion in MBIA-insured collateralized debt obligations.
A panel of the New York Supreme Court, Appellate Division, ruled Tuesday that the breach of contract claim — left standing after an earlier decision gutted the case — failed to state a cause of action because Merrill never guaranteed the credit quality of its securities.
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NY Appeals Court Scraps $5.7B CDO Suit V. Merrill
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