Oklahoma Police Pension and Retirement System v. U.S. Bank National Association

Justia Dockets & Filings Second Circuit New York Southern District Oklahoma Police Pension and Retirement System v. U.S. Bank National Association

Oklahoma Police Pension and Retirement System v. U.S. Bank National Association

Plaintiff:	Oklahoma Police Pension and Retirement System
Defendant:	U.S. Bank National Association
Case Number:	1:2011cv08066
Filed:	November 9, 2011
Court:	US District Court for the Southern District of New York
Office:	Foley Square Office
County:	New York
Presiding Judge:	John G. Koeltl
Nature of Suit:	Other Statutory Actions
Cause of Action:	15 U.S.C. § 77
Jury Demanded By:	Plaintiff

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Date Filed	Document Text
December 13, 2013	Filing 71 OPINION AND ORDER re: 49 MOTION for Summary Judgment. filed by U.S. Bank National Association. Therefore, because no named plaintiff in this case has a claim for breach of contract, no such claim remains in the case. Accordingly, the claim for bre ach of contract must be dismissed in its entirety. The Court has considered all of the arguments raised by the parties. To the extent not specifically addressed, the arguments are either moot or without merit. For the foregoing reasons, the defendant 's motion for summary judgment on the plaintiff's second cause of action is granted and the claim for breach of contract is dismissed in its entirety. The Clerk is directed to close Docket No. 49. (Signed by Judge John G. Koeltl on 12/12/2013) (djc)
June 3, 2013	Filing 38 OPINION AND ORDER re: 25 MOTION to Dismiss Corrected Second Amended Complaint. filed by U.S. Bank National Association. This case is part of the fallout from the residential mortgage crisis. The plaintiff, Oklahoma Police Pension and Retirement Sys tem, brings this putative class action against thedefendant, U.S. Bank National Association (U.S. Bank), the trustee for fourteen trusts in which the plaintiff and the other members of the putative class invested (the Covered Trusts). The trusts own residential mortgage loans that were pooled and sold together as Bear Stearns mortgage backed securities (MBS). The plaintiff alleges that the defendant failed tofulfill its obligations as trustee for the Covered Trusts. Specifically, the plaintiff a lleges violations of the Trust Indenture Act of 1939 (TIA), 15 U.S.C. 77aaa et seq. (2006), breaches of contract, and breaches of the implied covenant of good faith and fair dealing under New York law. The plaintiff seeks damages for the losses it cl aims to have incurred due to those alleged breaches.The defendant has moved to dismiss the Corrected Second Amended Class Action Complaint (the Complaint) arguing that the plaintiff lacks class standing and that the Complaint fails to state a claim o n the merits. Among other arguments, the defendant contends that nine of the fourteen Covered Trusts are not governed by the TIA. This Court has subject matter jurisdiction over this actionpursuant to 28 U.S.C. 1331 based on alleged violations of the TIA. The Court also has subject matter jurisdiction pursuant to 28 U.S.C. 1332 based on the complete diversity of citizenship of the parties. For the reasons explained below, the motion to dismiss is granted in part and denied in part. Because the c laim for breach of the implied covenant of good faith and fair dealing arises from the same conduct that underlies the claim for breach of contract, the plaintiffs claim for breach of the implied covenant of good faith and fairdealing alleged in thir d cause of action is dismissed and the defendants motion to dismiss this claim is granted. The Court has considered all of the arguments raised by the parties. To the extent not specifically addressed above, the arguments are either moot or without merit. The defendants motion to dismiss is granted in part and denied in part. The Clerk is directed to close Docket No. 25. SO ORDERED. (Signed by Judge John G. Koeltl on 5/31/2013) (rsh)

Date Filed

Document Text

December 13, 2013

Filing 71 OPINION AND ORDER re: 49 MOTION for Summary Judgment. filed by U.S. Bank National Association. Therefore, because no named plaintiff in this case has a claim for breach of contract, no such claim remains in the case. Accordingly, the claim for bre ach of contract must be dismissed in its entirety. The Court has considered all of the arguments raised by the parties. To the extent not specifically addressed, the arguments are either moot or without merit. For the foregoing reasons, the defendant 's motion for summary judgment on the plaintiff's second cause of action is granted and the claim for breach of contract is dismissed in its entirety. The Clerk is directed to close Docket No. 49. (Signed by Judge John G. Koeltl on 12/12/2013) (djc)

June 3, 2013

Filing 38 OPINION AND ORDER re: 25 MOTION to Dismiss Corrected Second Amended Complaint. filed by U.S. Bank National Association. This case is part of the fallout from the residential mortgage crisis. The plaintiff, Oklahoma Police Pension and Retirement Sys tem, brings this putative class action against thedefendant, U.S. Bank National Association (U.S. Bank), the trustee for fourteen trusts in which the plaintiff and the other members of the putative class invested (the Covered Trusts). The trusts own residential mortgage loans that were pooled and sold together as Bear Stearns mortgage backed securities (MBS). The plaintiff alleges that the defendant failed tofulfill its obligations as trustee for the Covered Trusts. Specifically, the plaintiff a lleges violations of the Trust Indenture Act of 1939 (TIA), 15 U.S.C. 77aaa et seq. (2006), breaches of contract, and breaches of the implied covenant of good faith and fair dealing under New York law. The plaintiff seeks damages for the losses it cl aims to have incurred due to those alleged breaches.The defendant has moved to dismiss the Corrected Second Amended Class Action Complaint (the Complaint) arguing that the plaintiff lacks class standing and that the Complaint fails to state a claim o n the merits. Among other arguments, the defendant contends that nine of the fourteen Covered Trusts are not governed by the TIA. This Court has subject matter jurisdiction over this actionpursuant to 28 U.S.C. 1331 based on alleged violations of the TIA. The Court also has subject matter jurisdiction pursuant to 28 U.S.C. 1332 based on the complete diversity of citizenship of the parties. For the reasons explained below, the motion to dismiss is granted in part and denied in part. Because the c laim for breach of the implied covenant of good faith and fair dealing arises from the same conduct that underlies the claim for breach of contract, the plaintiffs claim for breach of the implied covenant of good faith and fairdealing alleged in thir d cause of action is dismissed and the defendants motion to dismiss this claim is granted. The Court has considered all of the arguments raised by the parties. To the extent not specifically addressed above, the arguments are either moot or without merit. The defendants motion to dismiss is granted in part and denied in part. The Clerk is directed to close Docket No. 25. SO ORDERED. (Signed by Judge John G. Koeltl on 5/31/2013) (rsh)

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Plaintiff: Oklahoma Police Pension and Retirement System
Represented By:	Beth Ann Kaswan
Represented By:	Max Raphael Schwartz
Represented By:	David R. Scott
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Defendant: U.S. Bank National Association
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