Plaintiffs allege that defendant breached two credit default swap agreements between defendant and CRAFT. However, in the indentures, CRAFT granted nonparty HSBC Bank USA, as trustee, all of CRAFT's rights under the swap agreements, including the right to bring actions and proceedings. Therefore, the motion court, on the record before it, properly found that CRAFT lacked standing to sue (see James McKinney & Son v Lake Placid 1980 Olympic Games,
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CRAFT EM CLO 2006-1, LTD. v. DEUTSCHE BANK AG
650797/14, 1328A, 1328.
139 A.D.3d 638 (2016)
34 N.Y.S.3d 7
2016 NY Slip Op 04146
CRAFT EM CLO 2006-1, LTD., et al., Appellants, v. DEUTSCHE BANK AG, Respondent.
Appellate Division of the Supreme Court of New York, First Department.https://leagle.com/images/logo.png
Decided May 31, 2016.
Decided May 31, 2016.
Appellate Division of the Supreme Court of New York, First Department.
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