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Financial Services Cases

June 4, 2010 Weekly Financial Services Newsletter
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  • Bank of N.Y. v. First Millennium, Inc.
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U.S. 2nd Circuit, June 01, 2010
Bank of N.Y. v. First Millennium, Inc., No. 09-1628
In an action asserting competing claims to the proceeds of a failed securitization of credit card debt, summary judgment for the Bank of New York and against the Federal Deposit Insurance Corporation (FDIC) is affirmed where: 1) the FDIC adduced no evidence to support its contention that the amount due on the notes at their maturity was an "invested amount" by the notes' terms, rather than the unpaid principal amount; 2) the FDIC failed to identify any other provision of the transaction documents that supported its contentions that the amount due on the notes was anything other than their entire unpaid principal; 3) issue preclusion did not apply because a prior action did not consider whether the notes at issue were full recourse or limited recourse obligations of the issuer; and 4) since the Bank of New York asserted no claims against the FDIC as receiver for the failed bank, it was not bound by the jurisdictional limitations or other procedural requirements of 12 U.S.C. s! ection 1821(d). Read more...

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