Legal Opinion
Loreley Financing (Jersey) No. 3 Ltd. v. Wells Fargo Securities, LLC
Court of Appeals for the Second Circuit
Decided July 24, 2015No. Docket 13-1476-cvPublishedCited by 923 opinions
1Opinion of the Court
GUIDO CALABRESI, Circuit Judge:
This case, like so many others of late, concerns liability for investment losses. Specifically, it asks who, if anyone, ought to shoulder legal blame for losses suffered as part of the recent financial crisis. Plaintiffs-Appellants — -whose names are all numbered variants of “Loreley Financing” (collectively, “Plaintiffs”) — are special-purpose investment entities operated by the German bank IKB Deutsche Industrie-bank AG and domiciled in the Bailiwick of Jersey, Channel Islands. In late 2006 and early 2007, Plaintiffs invested millions of dollars in the notes…
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