MATTER OF BANK OF N.Y. MELLON

651786/11, 13527

127 A.D.3d 120 (2015)

4 N.Y.S.3d 204

In the Matter of THE BANK OF NEW YORK MELLON, as Trustee under Various Pooling and Servicing Agreements and Indenture Trustee under Various Indentures, et al., Petitioners, for an Order, Pursuant to CPLR 7701, Seeking Judicial Instructions and Approval of a Proposed Settlement. THE BANK OF NEW YORK MELLON et al., Appellants-Respondents, and BLACKROCK FINANCIAL MANAGEMENT INC. et al., Appellants-Respondents, v. RETIREMENT BOARD OF THE POLICEMEN'S ANNUITY AND BENEFIT FUND OF THE CITY OF CHICAGO et al., Respondents-Appellants, et al., Respondents, et al., Intervenor-Respondent.

Appellate Division of the Supreme Court of New York, First Department.

Decided March 5, 2015.


Attorney(s) appearing for the Case

Mayer Brown LLP, New York City ( Matthew D. Ingber , Christopher J. Houpt , Hannah Y.S. Chanoine , Michael Kimberly and Michael Rafield of counsel), and Dechert LLP, New York City ( James M. McGuire , Hector Gonzalez and Mauricio A. España , of counsel), for The Bank of New York Mellon, appellant-respondent.

Gibbs & Bruns LLP, Houston, TX ( Kathy D. Patrick of the bar of the State of Texas, admitted pro hac vice, of counsel), and Warner Partners, P.C., New York City ( Kenneth E. Warner of counsel), for intervenors-appellants-respondents.

Scott & Scott, LLP, New York City ( Beth A. Kaswan , William C. Fredericks and Max R. Schwartz of counsel), for The Retirement Board of the Policemen's Annuity & Benefit Fund of the City of Chicago, City of Grand Rapids General Retirement System, City of Grand Rapids Police and Fire Retirement System and The Westmoreland County Employee Retirement System, respondents-appellants.

Halperin Battaglia Raicht, LLP, New York City ( Donna H. Lieberman and Scott A. Ziluck of counsel), for United States Debt Recovery VIII, LP and United States Debt Recovery X, LP, respondents-appellants.

Federman & Sherwood, New York City ( William B. Federman of counsel), for American Fidelity Assurance Company, respondent-appellant.

Alston & Bird LLP, New York City ( Michael E. Johnson and Alexander S. Lorenzo of counsel), for amici curiae.

FRIEDMAN, J.P., ACOSTA, MANZANET-DANIELS and GISCHE, JJ. concur.


OPINION OF THE COURT

This appeal requires us to consider the nature and extent of the scrutiny the court may properly apply to a trustee's settlement of claims of misconduct on the part of the originator and servicer of residential mortgage backed securities. Petitioner Bank of New...

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