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FIDELITY PARTNERS v. FIRST TRUST CO.

Nos. 97-9589, 97-9639.

142 F.3d 560 (1998)

FIDELITY PARTNERS, INC., Plaintiff-Appellant, v. FIRST TRUST COMPANY OF NEW YORK; Morgan Guaranty Trust Company of New York; Euroclear System; ING Bank of Manila; Philippine Export and Foreign Loan Guarantee Corporation, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided April 27, 1998.

Attorney(s) appearing for the Case

Robert L. Weigel, New York City (Sue J. Nam, Gibson, Dunn & Crutcher, New York City, on brief), for Fidelity Partners, Inc.

David C. Singer, New York City (Patrick J. McLaughlin, Moon S. Kim, Dorsey & Whitney, New York City, on brief), for First Trust Company of New York.

James L. Kerr, New York City (Lowell G. Harriss, Dennis E. Glazer, Randall D. Guynn, Davis Polk & Wardwell, New York City, on brief), for Morgan Guaranty Trust Company of New York.

Before: NEWMAN, CABRANES and MERRITT, Circuit Judges.

JON O. NEWMAN, Circuit Judge:

These consolidated appeals concern garnishment in the context of a form of ownership of financial interests that is becoming widely used in today's global economy. The subject of the litigation is an interest in bonds regulated through a "multi-tiered" or "indirect" holding system. The system with which this litigation is concerned is Euroclear, a network of 2,400 participating financial institutions that engage in cross-border securities...

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