New York Court of Appeals Roundup: A Review of ‘Ambac Assurance Corp. v. Countrywide Home Loans’
In their monthly column in the New York Law Journal, Litigation Partners Bill Russell and Lynn Neuner discuss the New York Court of Appeals opinion in Ambac Assurance Corp. v. Countrywide Home Loans, in which the Court found that financial guaranty insurer Ambac Assurance Corporation must prove both justifiable reliance and loss causation in order to successfully establish a fraud claim against residential mortgage backed securities issuer Countrywide Home Loans.