Bank of NY Mellon v. Commerzbank

CONCLUDED

Oral Argument
02/05/13 – 02/05/13

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Play button overlay 45f08f27c7337d189e8c31e635b5d0a0781b273131135cd77ee8b6f12366e7a2

Summary

In this oral argument before the Delaware Supreme Court, The Bank of New York Mellon challenged the Court of Chancery's interpretation of the Parity Securities definition. The Bank of New York Mellon alleged that Commerzbank relied on a strained and unreasonable interpretation of the Parity Securities definition to justify its failure to make the required April 12, 2010 payment to holders of Commerzbank Capital Funding Trust II securities. In a memorandum opinion issued August 4, 2011, the Court of Chancery held that DresCap Securities were not Party Securities and granted summary judgment for Commerzbank.

Outcome

The  Court  of  Chancery's judgment was reversed, and the case was remanded, with instructions to the Court of Chancery to enter final judgment for the Trustee on count I (declaratory judgment) and count II (specific performance). Jurisdiction was not retained.  

Sessions

Recording Disclaimer: This proceeding was recorded in full.

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