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PARMALAT CAPITAL FINANCE LTD. v. BANK OF AMERICA

Docket Nos. 09-4302-cv (L), 09-4306-cv (con), 09-4373-cv (con).

632 F.3d 71 (2011)

PARMALAT CAPITAL FINANCE LIMITED, Plaintiff-Appellant, Dr. Enrico Bondi, Extraordinary Commissioner of Parmalat Finanziaria S.p.A., Parmalat S.p.A., and other affiliated entities, in Extraordinary Administration under the laws of Italy, Plaintiff-Counter-Defendant-Third-Party-Defendant-Appellant, Capital & Finance Asset Management S.A., Cattolica Partecipazioni S.p.A., Hermes Focus Asset Management Europe Limited, Erste Sparinvest Kapitalanlagegesellschaft m.b.H., Solotrat, Societe Moderne des Terrassements Parisiens, Renato Esposito, Fondazione Italo Monzino, Southern Alaska Carpenters Pension Fund, on behalf of itself and all others similarly situated, Cristina Poncibo, Margery Louise Kronengold, Robert McQueen, Custodian, individually and on behalf of all others similarly situated, Ferri Giampolo, Food Holdings Limited, Dairy Holdings Limited, G. James Cleaver, Gordon I. MacRae, Gerald K. Smith, Laura J. Sturaitis, Monumental Life Insurance Company, Trans-America Occidental Life Insurance Company, TransAmerica Life Insurance Company, Aviva Life Insurance Company, Principal Global Investors, LLC, Principal Life Insurance Company, Scottish Re (US) Inc., Hartford Life Insurance Company, Plan Administrator G. Peter Pappas, Plaintiffs, v. BANK OF AMERICA CORPORATION, Banc of America Securities Limited, Bank of America, N.A., Bank of America National Trust & Savings Association, Banc of America Securities LLC, Bank of America International, Ltd., Grant Thornton International, Ltd, Defendants-Appellees, Grant Thornton International, Grant Thornton LLP, Defendants-Third-Party-Plaintiffs-Counter-Claimants-Appellees, Deutsche Bank AG, Morgan Stanley & Co., Incorporated, Bonlat Financing Corporation, Calisto Tanzi, Fausto Tonna, Coloniale S.p.A., Citigroup Inc., Buconero, LLC, Zinni & Associates, P.C., Deloitte Touche Tohmatsu, Deloitte & Touche S.p.A., a Societa per Azioni under the laws of Italy, James E. Copeland Jr., Parmalat Finanziaria S.p.A., Stefano Tanzi, Luciano Del Soldato, Domenico Barili, Francesco Giuffredi, Giovanni Tanzi, Deloitte & Touche USA, LLP, Deloitte & Touche L.L.P., Credit Suisse First Boston, Citibank, Eureka Securitisation plc, Vialattea LLC, Pavia e Ansaldo, Banca Nazionale Del Lavoro S.p.A., Citibank, N.A., Professor Maria Martellini, Banca Intesa S.p.A., Deloitte & Touche Tohmatsu Auditores Independentes, Credit Suisse International, Credit Suisse Securities (Europe) Limited, Credit Suisse, Credit Suisse Group, Grant Thornton S.p.A., a Societa per Azioni under the laws of Italy, now known as Italaudit, S.p.A., Defendants, Parmatour S.p.A., Defendant-Third-Party-Defendant.

United States Court of Appeals, Second Circuit.

Decided: January 18, 2011.

Attorney(s) appearing for the Case

Kathleen M. Sullivan , Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY ( Peter E. Calamari , Terry L. Wit , Sanford I. Weisburst , on the brief), for Plaintiff-Counter-Defendant-Third-Party Defendant-Appellant Bondi.

J. Gregory Taylor , Diamond McCarthy LLP, New York, NY ( Allan B. Diamond , Richard I. Janvey , J. Benjamin King , on the brief), for Plaintiff-Appellant Parmalat Capital Finance Limited.

Linda T. Coberly , Winston & Strawn LLP, Chicago, IL ( Bruce R. Braun , William P. Ferranti , on the brief), for Defendant-Third-Party-Plaintiff-Counter-Claimant-Appellee Grant Thornton LLP.

Joseph B. Tompkins Jr. , Sidley Austin LLP, Washington, DC ( Alan C. Geolot , Mark P. Guerrera , Robert D. Keeling , A. Robert Peitrzak , Daniel A. McLaughlin , on the brief), for Defendants-Appellees Bank of America et al.

James L. Bernard , Strook & Strook & Lavan LLP, New York, NY ( Quinlan D. Murphy , Katherine I. Puzone , David M. Cheifetz , on the brief), for Defendant-Third-Party-Plaintiff-Counter-Claimant-Appellees Grant Thornton International, Inc. and Grant Thornton International Ltd.

Partha P. Chattoraj , Markowitz & Chattoraj LLP, New York, NY, for Amicus Curiae Guido Alpa.

George M. Pavia , Pavia & Harcourt LLP, New York, NY, for Amicus Curiae the Government of the Republic of Italy.

Before: CABRANES, WESLEY, Circuit Judges, and KOELTL, District Judge.

WESLEY, Circuit Judge:

The questions presented are (1) whether the district court erred in exercising jurisdiction over plaintiffs' claims, pursuant to 28 U.S.C. § 1334(b); and (2) whether the district court properly declined to abstain from exercising that jurisdiction, pursuant to 28 U.S.C. § 1334(c)(2). This appeal is taken from judgments of the United States District Court for the Southern District of New York (Kaplan, J.) and challenges rulings...

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