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LORELEY FINANCING NO. 3 v. WELLS FARGO SECURITIES

Docket No. 13-1476-cv.

797 F.3d 160 (2015)

LORELEY FINANCING (JERSEY) NO. 3 LIMITED, Loreley Financing (Jersey) No. 5 Limited, Loreley Financing (Jersey) No. 15 Limited, Loreley Financing (Jersey) No. 28 Limited, Loreley Financing (Jersey) No. 30 Limited, Plaintiffs-Appellants, v. WELLS FARGO SECURITIES, LLC, Wells Fargo Securities International Limited, Wells Fargo Bank, N.A., Harding Advisory LLC, Structured Asset Investors, LLC, Longshore CDO Funding 2007-3 Ltd., Defendants-Appellees, Octans II CDO Ltd., Defendant.

United States Court of Appeals, Second Circuit.

Decided: July 24, 2015.

Attorney(s) appearing for the Case

Sheron Korpus , Kasowitz, Benson, Torres & Friedman LLP ( James M. Ringer , Meister Seelig & Fein LLP; Marc E. Kasowitz and David M. Max , Kasowitz, Benson, Torres & Friedman LLP, on the brief), New York, N.Y., for Plaintiffs-Appellants.

Jayant W. Tambe , Jones Day ( Todd R. Geremia , Howard F. Sidman , and Alexander P. McBride , Jones Day; David C. Bohan and William M. Regan , Katten Muchin Rosenman LLP; Joseph J. Frank , Matthew L. Craner , Agnès Dunogué , and Kelly M. Daley , Orrick, Herrington & Sutcliffe LLP, on the brief), New York, N.Y., for Defendants-Appellees.

Before: LEVAL, CALABRESI, and LYNCH, Circuit Judges.

This case, like so many others of late, concerns liability for investment losses. Specifically, it asks who, if anyone, ought to shoulder legal blame for losses suffered as part of the recent financial crisis. Plaintiffs-Appellants — whose names are all numbered variants of "Loreley Financing" (collectively...

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