Loreley Financing Prevails in the First Department

On May 8, 2014, the Appellate Division, First Department, issued two opinions in favor of our clients, the Loreley Financing companies.  The decisions, Loreley Financing (Jersey) No. 3 Ltd. v. Citigroup Global Markets Inc., Index No. 650212/12, and Loreley Financing (Jersey) No. 28 Ltd. v. Merrill Lynch, Pierce, Fenner & Smith Inc., 652732/11, sustained the Loreley Financing companies’ fraud claims against the defendants, which arise out the Loreleys’ purchases of nearly $1 billion and $60 million, respectively, in collateralized debt obligations supported by securities closely associated with the financial crisis.  The Loreley companies, investment companies located in the Channel Islands, were represented by litigation partner Stephen M. Plotnick, with the assistance of Matthew D. Dunn and Alexander G. Malyshev.  

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