BANK OF NEW YORK MELLON v. WALNUT PLACE LLC

No. 11 Civ. 5988 (WHP).

819 F.Supp.2d 354 (2011)

In the matter of the application of The BANK OF NEW YORK MELLON (as trustee under various pooling and servicing agreements and indenture trustee under various indentures), et al., Petitioners, v. WALNUT PLACE LLC, et al., Intervenor-Respondents.

United States District Court, S.D. New York.

October 19, 2011.


Attorney(s) appearing for the Case

Matthew D. Ingber , Christopher James Houpt , Mayer Brown LLP, New York, NY, Hector Gonzalez , Mauricio Alejandro Espana , Dechert, LLP, New York, NY, for Petitioners.

David J. Grais , Owen L. Cyrulnik , Grais & Ellsworth, LLP, New York, NY, for Intervenor-Respondents.


MEMORANDUM & ORDER

WILLIAM H. PAULEY III, District Judge:

The Bank of New York Mellon, as trustee for hundreds of trusts, seeks to dispose of billions of dollars in toxic mortgage claims through an arcane summary procedure in state court. The question presented is whether this mass settlement, which implicates core national interests in the integrity of the financial markets, is immune from review in federal court.

On June 29, 2011, The...

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