Commonwealth of Pennsylvania Public School Employees' Retirement System v. Morgan Stanley & Co.

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 Com-merzbank 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.’…