PHOENIX LIGHT SF LTD. v. BANK OF NEW YORK MELLON

Nos. 22-239, 22-243, 22-503 August Term 2022.

66 F.4th 365 (2023)

PHOENIX LIGHT SF LIMITED, in its own right and the right of Blue Heron Funding V Ltd., Blue Heron Funding VI Ltd., Blue Heron Funding VII Ltd., Blue Heron Funding IX Ltd., Kleros Preferred Funding V PLC, Silver Elms CDO PLC, Silver Elms CDO II Limited, C-BASS CBO XVII Ltd., C-BASS CBO XIV Ltd., and each of Blue Heron Funding V. Ltd., Blue Heron Funding VI Ltd., Blue Heron Funding VII Ltd., Blue Heron Funding IX LTD., Kleros Preferred Funding V PLC, Silver Elms CDO PLC, Silver Elms CDO II Limited, in their own right, C-BASS CBO XVII Ltd., Blue Heron Funding V Ltd., Blue Heron Funding VI Ltd., Kleros Preferred Funding V PLC, Blue Heron Funding IX Ltd., Blue Heron Funding VII Ltd., Silver Elms CDO PLC, Plaintiffs-Appellants, v. The BANK OF NEW YORK MELLON, as Trustee, Defendant-Appellee. Phoenix Light SF DAC, Kleros Preferred Funding V PLC, Plaintiffs-appellants, v. The Bank of New York Mellon, Defendant-Appellee. Phoenix Light SF Limited, in its own right and the right of Blue Heron Funding IX Ltd., C-BASS CBO XIV Ltd., C-BASS CBO XVII Ltd., Kleros Preferred Funding V PLC, Silver Elms CDO PLC, Silver Elms CDO II Limited, Blue Heron Funding IX Ltd., Blue Heron Funding V Ltd., Blue Heron Funding VI Ltd., Blue Heron Funding VII Ltd., Plaintiffs-Appellants, v. Deutsche Bank National Trust Company, Deutsche Bank Trust Company Americas, Defendants-appellees.

United States Court of Appeals, Second Circuit.

Decided: April 26, 2023.


Attorney(s) appearing for the Case

William A. Maher , ( Steven S. Fitzgerald , David H. Wollmuth , on the brief), Wollmuth Maher & Deutsch LLP, New York, NY, for Plaintiffs-Appellants.

Charles A. Rothfeld , Mayer Brown LLP, Washington, DC ( Christopher J. Houpt , Matthew D. Ingber , Mayer Brown LLP, New York, NY; Minh Nguyen-Dang , Mayer Brown LLP, Washington, DC, on the brief), for Defendant-Appellee The Bank of New York Mellon.

William R. Peterson , Morgan, Lewis & Bockius LLP, Houston, TX ( Kevin J. Biron , Bryan P. Goff , Michael S. Kraut , Morgan, Lewis & Bockius LLP, New York, NY, on the brief), for Defendants-Appellees Deutsche Bank National Trust Company, Deutsche Bank Trust Company Americas.

Before: Sullivan, Merriam, and Kahn, Circuit Judges.


Plaintiffs — issuers of collateralized debt obligations ("CDOs") secured by certificates in residential-mortgage-backed securities ("RMBS") trusts — appeal from three separate judgments dismissing actions brought against The Bank of New York Mellon ("BNY...

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