Wells Fargo Bank., N.A. v. Waterfall Asset Management LLC et al
||Wells Fargo Bank., N.A.
||Waterfall Asset Management LLC, The Bank of New York Mellon and Cede & Co.
||January 12, 2018
||US District Court for the Southern District of New York
||Foley Square Office
||Gregory H. Woods
|Nature of Suit:
|Cause of Action:
|Jury Demanded By:
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|March 13, 2019
MEMORANDUM OPINION AND ORDER re: 58 MOTION to Dismiss the Amended Interpleader Complaint filed by The Bank of New York Mellon. The law does not require allowing interpleader here, as the dispute goes beyond Wells Fargo's " ;single obligation" to distribute the res, and is instead predominated by issues as to Wells Fargo's potential obligations as Trustee. See Bradley v. Kochenash, 44 F.3d at 168 (2d Cir. 1995). Further, equity does not support granting th e relief sought by Wells Fargo, and the Court has grave policy concerns about the wisdom of extending interpleader to the extent requested. For all those reasons, interpleader is DENIED, BNYM's motion to dismiss is GRANTED and this case is dismissed. The Clerk of Court is directed to terminate this case. SO ORDERED. (Signed by Judge Gregory H. Woods on 3/12/2019) (anc) Transmission to Orders and Judgments Clerk for processing. Modified on 3/13/2019 (anc).
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