LANDESBANK BADEN-WURTTEMBERG v. CAPITAL ONE

Nos. 12 Civ. 5907(MGC), 12 Civ. 5909(MGC), 12 Civ. 5911(MGC).

954 F.Supp.2d 223 (2013)

LANDESBANK BADEN-WÜRTTEMBERG; Spencerview Asset Management Limited; and Caledonian Trust (Cayman) Limited (On Behalf and for the Benefit of the Leveraged Accrual Asset Management Sub-Trust, the Leveraged Accrual Asset Management Sub-Trust II, and the Leveraged Accrual Asset Management Subtrust XI, Each a Subtrust of the Panacea Trust), Plaintiffs, v. CAPITAL ONE FINANCIAL CORPORATION; Capital One, National Association (Successor-in-Interest to Chevy Chase Bank, F.S.B.); Chevy Chase Funding LLC; and Credit Suisse Securities (USA), LLC, Defendants. Landesbank Baden-Württemberg, Plaintiff, v. capital One Financial Corporation, Capital One, National Association (Successor-in-Interest to Chevy Chase Bank, F.S.B.), Chevy Chase Funding LLC and Credit Suisse Securities (USA) LLC, Defendants. Landesbank Baden-Württemberg, Spencerview Asset Management Limited and Caledonian Trust (Cayman) Limited, Acting in Its Capacity as Trustee of the Leveraged Accrual Asset Management Sub-Trust, A Subtrust of the Panacea Trust, and the Leveraged Accrual Asset Management II Sub-Trust, A Sub-Trust of the Panacea Trust, Plaintiffs, v. Barclays Bank PLC, Barclays Capital Inc., Capital One Financial Corporation, Capital One, National Association (Successor-in-Interest to Chevy Chase Bank, F.S.B.) and Chevy Chase Funding LLC, Defendants.

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

July 17, 2013.


Attorney(s) appearing for the Case

Labaton Sucharow LLP, by David J. Goldsmith, Esq. , Joel H. Bernstein, Esq. , Martis Alex, Esq. , New York, NY, for Plaintiffs.

Murphy & McGonigle, PC, by James K. Goldfarb, Esq. , Soren E. Packer, Esq. , James A. Murphy, Esq. , Cameron S. Matheson, Esq. , New York, NY, for Defendants Capital One Financial Corporation, Capital One, National Association, and Chevy Chase Funding LLC.

Sullivan and Cromwell, LLP, by Brian Frawley, Esq. , John Fritsch, Esq. , New York, NY, for Defendants Barclays Bank PLC and Barclays Capital, Inc.


OPINION

CEDARBAUM, District Judge.

These are three related actions, all removed from the Supreme Court of New York County. The defendants were all involved in the securitization of mortgages and their sale to the plaintiffs. Plaintiffs assert common law claims of misrepresentation in the offering materials. Defendants have removed the cases to this Court on the ground that the claims are governed by federal law, 12 U.S.C. § 632, a section added...

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