F.D.I.C. v. BANK OF NEW YORK

Civil. Action No. 06-1975 (ESH).

479 F.Supp.2d 1 (2007)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, v. The BANK OF NEW YORK, Defendant.

United States District Court, District of Columbia.

January 29, 2007.


Attorney(s) appearing for the Case

Dennis Sanford Klein, Scott H. Christensen, Hughes Hubbard & Reed LLP, Washington, DC, for Plaintiff.

H. Stephen Harris, Jr., Alston & Bird, Atlanta, GA, Paul F. Brinkman, Alston & Bird LLP, Washington, DC, for Defendant.


MEMORANDUM OPINION

HUVELLE, District Judge.

The Bank of New York ("BNY") is the indenture trustee for investors ("Noteholders") who purchased asset-backed securities from the NextCard Credit Card Master Note Trust ("Trust"), which the nowdefunct NextBank, N.A. ("NextBank") established in December 2000 to finance its internet-based consumer credit card business. After NextBank failed in February 2002 and the Federal Deposit Insurance Corporation (...

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