United States Second Circuit
BlackRock Financial Management Inc. v. The Segregated Account of Ambac Assurance Corp., 11-5309
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In a New York state Article 77 proceeding brought by a bank to confirm that it had the authority to enter into a settlement under governing trust documents and that entry into the settlement did not violate its duties under the governing trust agreements and state law, which case was begun in New York Supreme Court and removed to federal court by intervenors under the Class Action Fairness Act of 2005 (CAFA) as a "mass action," the district court's denial of the bank's motion to remand to state court is reversed, where the case fell within CAFA's exception to federal jurisidiction as one that solely involved a claim that related to the rights, duties, and obligations relating to a security.
Appellate Information
- Decided 02/27/2012
- Published 02/27/2012
Judges
- Dennis Jacobs
Court
- United States Second Circuit
Counsel
- For Appellant:
- Robret Madden, Owen L. Cyrulnik