Subscribe- Plaintiff
- Bank of New York Mellon
- Represented By:
- Seitz, Collins (Seitz Ross Aronstam & Moritz LLP)
- Defense
- Commerzbank Capital Funding Trust II
- Represented By:
- Bloor, Martin (Pepper Hamilton LLP)
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.
- Plaintiff
- Defense
- Jurisdiction
- Delaware Supreme Court
- Court
- Delaware Supreme Court
- Case Number
- 372, 2012
- Industry
- Finance
- Practice Area
- Securities, Mergers and Acquisitions, Financial Services
- Expert Witnesses
- Lay Witnesses
Sessions
PM Session
Oral Arguments
5 Chapters
Recording Disclaimer: This proceeding was recorded in full.