``Both sides took predictable positions in their briefs. Dexia said the case should go back to state court, where Rakoff's ruling should have no effect because he never had proper jurisdiction. JPMorgan argued that under the 2nd Circuit's interpretation of the Edge Act, Dexia's case still belonged in federal court. And even if Rakoff determined that the case should be remanded, the bank said, he should leave intact his summary judgment ruling because federal courts have broad power to decide questions of standing. (JPMorgan's lawyers at Cravath were making a very educated guess that Rakoff's April 2 summary judgment ruling involved standing - specifically, Dexia's right to assert claims based on assignments from its corporate affiliate FSA Asset Management, known as FSAM - because Rakoff hadn't laid out his reasoning.)''

Comments: Be the first to add a comment

add a comment | go to forum thread