AG Capital Funding Partners, L.P., Plaintiffs v. State Street Bank and Trust Company, Defendant and…

Summary

The New York Court of Appeals reinstated the negligence and contribution causes of action against the underwriters UBS and Salomon and the issuer’s counsel Thelen, finding that the third‑party complaint sufficiently alleged that these parties assumed a duty to deliver the Additional Secured Indebtedness Registration Statement, while dismissing the attorney malpractice and negligent misrepresentation claims against Thelen for lack of privity.