Ambac Assurance Corporation v. US Bank National Association, No. 1:2017cv02614 - Document 304 (S.D.N.Y. 2022)

Court Description: OPINION & ORDER re: 238 MOTION for Partial Summary Judgment, filed by US Bank National Association; 241 MOTION for Partial Summary Judgment, filed by AMBAC Assurance Corporation; 295 LETTER MOTION for Extension of Time Updated Request for Extension of Briefing Deadlines addressed to Judge Paul A. Engelmayer from Stephanie Teplin dated August 19, 2022, filed by AMBAC Assurance Corporation. For the reasons above, the Court grants in part and denies in part U. S. Bank's motion for partial summary judgment; and grants in full Ambac's motion for partial summary judgment. As addressed during both the February 17 conference and the August 17 oral argument, an outstanding question in this case-whi ch, among other implications, has the potential to greatly affect the forthcoming Phase 2 expert discovery-regards whether Subsection 14.0l(ii) of the MMLPSA is ambiguous as to which entity the term "seller" references. The parties have not moved for summary judgment on that question. And its answer does not ineluctably follow from the Court's resolution of the motions addressed in this opinion. The parties are instructed to file a joint letter, no later than October 14, 2022 , setting out their view as to the most efficient means by which that issue may be litigated. The Clerk of Court is respectfully directed to terminate the motions pending at docket numbers 238,241, and 295. SO ORDERED. (Signed by Judge Paul A. Engelmayer on 9/30/2022) (va)