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COMMONWEALTH v. MORGAN CO INC

No. 104

25 N.Y.3d 543 (2015)

35 N.E.3d 481

14 N.Y.S.3d 313

2015 NY Slip Op 05591

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLOYEES' RETIREMENT SYSTEM, Together and on Behalf of All Others Similarly Situated, et al., Plaintiffs, and COMMERZBANK AG, Together and on Behalf of All Others Similarly Situated, Appellant, v. MORGAN STANLEY & CO., INCORPORATED, et al., Respondents, et al., Defendants.

Court of Appeals of New York.

Decided June 30, 2015.

Attorney(s) appearing for the Case

Robbins Geller Rudman & Dowd LLP, San Diego, California ( Joseph D. Daley , of the California bar, admitted pro hac vice, Daniel S. Drosman and Luke O. Brooks of counsel), for appellant.

Davis Polk & Wardwell, LLP, New York City ( James P. Rouhandeh , Antonio J. Perez-Marques and Jessica L. Turner of counsel), Cahill Gordon & Reindel LLP, New York City ( Floyd Abrams , Jason M. Hall and Roxana Labatt of counsel), Satterlee Stephens Burke & Burke LLP, New York City ( Joshua M. Rubins , James J. Coster and James I. Doty of counsel), Gibson, Dunn & Crutcher LLP, Washington, D.C. ( Mark A. Perry of counsel), for respondents.

Chief Judge LIPPMAN and Judges READ, PIGOTT, RIVERA, ABDUS-SALAAM and FAHEY concur.

OPINION OF THE COURT

In this case certified to us by the United States Court of Appeals for the Second Circuit, we must determine whether a reasonable factfinder could conclude that plaintiff Commerzbank AG was assigned the right to bring a common-law fraud claim, and therefore had standing to sue various defendants involved...

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