Filed: Feb. 23, 2016
Latest Update: Feb. 23, 2016
Summary: PER CURIAM : Commerzbank AG ("Commerzbank") appealed from Judge Scheindlin's denial of class certification and dismissal of the claims asserted by certain investors for lack of standing, including Commerzbank. In a previous decision, familiarity with which is assumed, we affirmed the district court in part and certified to the New York Court of Appeals the question of whether a reasonable trier of fact could, on the record of this case, conclude that Commerzbank was validly assigned the right
Summary: PER CURIAM : Commerzbank AG ("Commerzbank") appealed from Judge Scheindlin's denial of class certification and dismissal of the claims asserted by certain investors for lack of standing, including Commerzbank. In a previous decision, familiarity with which is assumed, we affirmed the district court in part and certified to the New York Court of Appeals the question of whether a reasonable trier of fact could, on the record of this case, conclude that Commerzbank was validly assigned the right ..
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PER CURIAM:
Commerzbank AG ("Commerzbank") appealed from Judge Scheindlin's denial of class certification and dismissal of the claims asserted by certain investors for lack of standing, including Commerzbank. In a previous decision, familiarity with which is assumed, we affirmed the district court in part and certified to the New York Court of Appeals the question of whether a reasonable trier of fact could, on the record of this case, conclude that Commerzbank was validly assigned the right to bring a common-law fraud claim, and therefore had standing to sue various defendants. See Pa. Pub. Sch. Emps.' Ret. Sys. v. Morgan Stanley & Co., 772 F.3d 111, 116-25 (2d Cir.), as amended, (Nov. 12, 2014). The New York Court of Appeals has since resolved that, under New York law, Commerzbank does not have standing to pursue its fraud claim. Pa. Pub. Sch. Emps.' Ret. Sys. v. Morgan Stanley & Co., 25 N.Y.3d 543, 553, 14 N.Y.S.3d 313, 35 N.E.3d 481 (2015).
Our prior opinion did not reach the question of whether the District Court properly denied Commerzbank's Fed. R.Civ.P. 17(a)(3) motion as untimely.1 Rule 17(a)(3) permits ratification of a claim within a "reasonable time" after a standing objection is raised. That issue is now ripe for decision. We review a district court's decision whether to dismiss pursuant to Rule 17(a) for abuse of discretion. Stichting Ter Behartiging Van de Belangen Van Oudaandeelhouders In Het Kapitaal Van Saybolt Int'l B.V. v. Schreiber, 407 F.3d 34, 43-44 (2d Cir.2005). Commerzbank's Rule 17(a) motion was made on September 10, 2012, after summary judgment was entered against it and even after the filing of its motion to reconsider, whereas the issue was raised in defendants' pleadings in March 2011 and again in the motion for summary judgment. Given Commerzbank's delay in filing the motion, the district court acted well within its discretion in denying Commerzbank's ratification motion as untimely.
In light of the New York Court of Appeals decision and our affirmance of the denial of the Fed.R.Civ.P. 17(a) motion, we affirm.
