United States Second Circuit
Fin. Guar. Ins. Co. v. Putnam Advisory Co., LLC, 14-1673
In an action for fraud, negligent misrepresentation and negligence case, in which FGIC alleges that Putnam misrepresented the independence of its management of a structured finance product, which upon default, caused FGIC millions of dollars in losses, the district court's dismissal of plaintiff's fraud claim on the ground that the complaint did not adequately plead loss causation, and dismissal of the negligence claim on the ground that the complaint failed to allege a special or privity-like relationship between the parties, is vacated and remanded where plaintiff has sufficiently alleged both its fraud and negligence claims.
Appellate Information
- Decided 04/15/2015
- Published 04/15/2015
Judges
- Straub
Court
- United States Second Circuit