Ambac Assurance Corporation v. US Bank National Association
| Ambac Assurance Corporation |
| US Bank National Association |
| 1:2018cv05182 |
| June 8, 2018 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| New York |
| Lorna G. Schofield |
| Other Contract |
| 28 U.S.C. ยง 1332 |
| Plaintiff |
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Filing
105
ORDER AND JUDGMENT: Upon consideration of this Court's July 16, 2019 Opinion & Order granting Defendant U.S. Bank National Association's ("U.S. Bank") motion to dismiss Counts One, Two, Three, and Five of Ambac Assurance Corporati on's ("Ambac") Complaint and denying U.S. Bank's motion to dismiss Count Four of Ambac's Complaint ("Motion to Dismiss Order," Dkt. No. 49); and further upon consideration of this Court's December 7, 2020 Opini on & Order resolving the parties' cross-motions for summary judgment on Count Four of Ambac's Complaint ("Summary Judgment Order," Dkt. No. 103); and further upon consideration of the parties' Stipulation for Entry of Judgm ent AT Dkt. No. 104-1, it is hereby ORDERED that: 1. Final judgment is ENTERED in favor of U.S. Bank on Counts One, Two, Three,and Five of Ambac's Complaint for the reasons stated in the Court's Motion to Dismiss Order. 2. Final judgment is also ENTERED in favor of U.S. Bank on the breach of contractclaim in Count Four of Ambac's Complaint arising out of Ambac's repayment right in the Trust waterfall, as set forth in the Court's Summary Judgment Order. 3.Final judgment i s ENTERED in favor of Ambac on the remaining breach of contract claims in Count Four of Ambac's Complaint with respect to the use of the write up first method and the offsetting of Recoveries against Realized Losses, as set forth in the Court� 39;s Summary Judgment Order. 4. In light of Paragraph 3 immediately above, Ambac shall have judgment against U.S. Bank in the amount of one dollar ($1.00) in nominal damages. 5. The parties shall each bear their own costs and fees. 6.The Clerk of Court is directed to CLOSE this case. (Signed by Judge Lorna G. Schofield on 12/22/2020) (kv) Transmission to Finance Unit (Cashiers) for processing.
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Filing
103
OPINION & ORDER re: 89 MOTION for Summary Judgment . filed by Ambac Assurance Corporation, 82 MOTION for Summary Judgment . filed by US Bank National Association. For the reasons above, the parties' cross-motions for summary judgment are granted in part and denied in part. Summary judgment is granted to U.S. Bank on the issue of Ambac's repayment rights. Summary judgment is granted to Ambac on the issues of whether the Agreement unambiguously requires the use of a write-up method and prohibits offsetting recoveries against realized losses. The parties request for oral argument is denied as moot. The parties shall file a letter within two weeks of the filing of this Opinion and Order outlining proposed next steps. The Clerk of Court is respectfully directed to close the motions at Dkt. Nos. 82 and 89. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 12/7/2020) (cf)
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Filing
75
ORDER: WHEREAS, a pre-motion conference was held on November 12, 2019. It is hereby ORDERED that, as discussed at the conference, the parties shall file a joint letter by November 15, 2019, proposing a summary judgment briefing schedule. If the parti es intend to proceed with cross-motions for summary judgment, the joint letter shall propose which party will file the motion first. The time to brief the motion fully shall not exceed 60 days. (Signed by Judge Lorna G. Schofield on 11/12/2019) (rro)
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Filing
49
OPINION AND ORDER re: 27 MOTION to Dismiss Complaint filed by US Bank National Association. For the foregoing reasons, Counts One, Two, Three and Five are dismissed. The motion to dismiss is denied as to Count Four to th e extent that Count Four alleges damages for U.S. Bank's failure to distribute past recoveries in accordance with the PSA. The Clerk of Court is respectfully directed to close the motion at Docket Number 27. (Signed by Judge Lorna G. Schofield on 7/16/2019) (mro)
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