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One of the largest and costliest matters backed by outside litigation funding — an ambitious $1.65 billion lawsuit brought by two American brothers — met its demise on Tuesday.
That didn't take long. A couple of Manhattan federal district court judges overseeing billion-dollar securities cases are already weighing the effect of the Supreme Court's game-changing ruling in Morrison v. NAB.
The allegations in the new complaint sound an awful lot like what shareholders have already claimed in a Delaware Chancery Court case against Barclays and KKR. But they're also similar to those in a sweeping LBO bid-rigging suit Robins is pursuing against 17 investment banks and private equity funds.
The proceedings in Delaware have hogged the spotlight, but there's some pretty significant litigation over the WaMu collapse going on in Seattle as well.
New York Court of Appeals Roundup
T his month we discuss another opinion by the Court of Appeals in the dispute between Bluebird Partners LP, purchaser of bonds issued by Continental Airlines prior to its bankruptcy, and the bond trustees. The opinion resolved one issue relating to the financially significant question of whether causes of action arising out of bonds are transferred with the bonds when they are sold or remain with transferor, finding that the causes of action may be asserted by the transferee pursuant to the General ObligatiTrending Stories
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