You Know That Award For Most Boring Case Ever Written? Yeah, We Have A Winner.

BlackRock Fin. Mgmt. Inc. v. Segregated Account of AMBAC Assur., 673 F.3d 169 (2d Cir. 2012).

Here is a rare appellate snoozer that we have boiled down for you.

The Bank of New York Mellon (BoNY), acting in its capacity as trustee of trusts established to hold residential mortgage-backed securities, settled claims that the originator and servicer had breached obligations owed to the trusts. As a condition precedent to the settlement, BoNY then initiated a proceeding in the New York Supreme Court to confirm that it had the authority to enter into the settlement under the governing trust documents, and that its entry into the settlement did not violate its duties under the governing trust agreements and state law.