Arrowgrass Master Fund Ltd. v. Bank of New York Mellon

Order, Supreme Court, New York County (Shirley Werner Kornreich, J.), entered February 28, 2012, which granted so much of defendant’s motion to dismiss the complaint as sought to dismiss the cause of action for breach of fiduciary duty, unanimously modified, on the law, to dismiss so much of plaintiffs’ remaining claims as challenges the 2007 intercreditor agreement, and otherwise affirmed, without costs.

Plaintiffs, noteholders under a trust indenture, commenced this action to recover hundreds of millions of dollars in losses they allege were caused by defendant, the Bank of New York Mellon,…