COMMONWEALTH OF PSERS v. MORGAN STANLEY & CO.

Docket Nos. 13-2095-cv(L), 13-2283-cv(XAP), 13-2286-cv(XAP), 13-2287-cv(XAP).

814 F.3d 641 (2016)

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLOYEES' RETIREMENT SYSTEM, together and on behalf of all others similarly situated, Commerzbank AG, together and on behalf of all others similarly situated, Plaintiffs-Appellants-Cross-Appellees, Abu Dhabi Commercial Bank, individually and on behalf of all others similarly situated, King County, Washington, together and on behalf of all others similarly situated, Sei Investments Company, together and on behalf of all others similarly situated, The Bank of N.T. Butterfield & Son Limited, SFT Collective Investment Fund, Deutsche Postbank AG, Global Investment Services Limited, Gulf International Bank B.S.C., National Agricultural Cooperative Federation, together and on behalf of all others similarly situated, State Board of Administration of Florida, together and on behalf of all others similarly situated, Bank Sinopac, together and on behalf of all others similarly situated, Bank Hapoalim B.M., together and on behalf of all others similarly situated, KBL European Private Bankers S.A., Plaintiffs, v. MORGAN STANLEY & CO., Incorporated, Morgan Stanley & Co. International Limited, Moody's Investor Service, Inc., Moody's Investor Service, Ltd., The McGraw-Hill Companies, Inc., Standard & Poor's Rating Services, Defendants-Appellees-Cross-Appellants, Cheyne Capital Management Limited, Cheyne Capital Management (UK) LLP, Cheyne Capital International Limited, Defendants.

United States Court of Appeals, Second Circuit.

Decided: February 23, 2016.


Attorney(s) appearing for the Case

Luke O. Brooks ( Joseph D. Daley & Daniel S. Drosman , San Diego, CA) Robbins Geller Rudman & Dowd LLP, San Francisco, CA, for Plaintiffs-Appellants-Cross-Appellees.

JAMES P. ROUHANDEH ( Antonio J. Perez-Marques , Paul S. Mishkin , Jessica L. Turner , on the joint brief) Davis Polk & Wardwell LLP, New York, NY, for Defendants-Appellees-Cross-Appellants Morgan Stanley & Co. Inc. and Morgan Stanley & Co. Int'l Ltd.

Dean Ringel , Jason M. Hall , Roxana Labatt , Cahill Gordon & Reindel LLP, New York, NY, on the joint brief, for Defendants-Appellees-Cross-Appellants Standard & Poor's Ratings Services and The McGraw-Hill Companies, Inc.

Joshua M. Rubins , James J. Coster , Mario Aieta , James I. Doty , Satterlee Stephens Burke & Burke LLP, New York, NY; Mark A. Perry , Gibson, Dunn & Crutcher LLP, Washington, DC, on the joint brief, for Defendants-Appellees-Cross-Appellants Moody's Investors Service, Inc. and Moody's Investors Service, Ltd.

Before: WINTER, LEVAL, and LYNCH, Circuit Judges.


Commerzbank AG ("Commerzbank") appealed from Judge Scheindlin's denial of class certification and dismissal of the claims asserted by certain investors for lack of standing, including Commerzbank. In a previous decision, familiarity with which is assumed, we affirmed the district court in part and certified to the New York Court of Appeals...

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