This Mellon's Mine, Says A District Judge

Bank of N.Y. Mellon v. Walnut Place LLC, No. 11 Civ. 5988 (WHP), 2011 WL 4953907 (S.D.N.Y. Oct. 19, 2011).

In this action, a federal court retained jurisdiction on a verified petition finding that the petitioner was not entitled to the securities exception under CAFA when its claim does not entirely depend on a mutual securities agreement, but rather requires other sources of law for its evaluation.

The Bank of New York Mellon ("BNYM"), as a trustee for hundreds of trusts, filed this petition under Article 77 of the New York Civil Practice Law and Rules in the New York Supreme Court, seeking to dispose billions of dollars in toxic mortgage claims. This billion-dollar disbursement action was a result of Countrywide Home Loans, Inc. and its various affiliates' (collectively, "Countrywide") securitization transactions entered into between 2004 and 2008. In these transactions, Countrywide conveyed portfolios of securitized residential mortgages through a third party