Havell Capital Enhanced Municipal Income Fund v. Citibank
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
Order, Supreme Court, New York County (Charles E. Ramos, J.), entered December 14, 2010, which granted defendant’s motion for summary judgment dismissing the amended complaint, unanimously affirmed, with costs.
Plaintiff had purchased positions in municipal bonds on margin, and secured its debt to defendant with cash and the bonds pursuant to an International Swaps and Derivatives Association agreement and related agreements. When plaintiff defaulted under the governing agreements, rather than invoke its remedies upon default, defendant offered to purchase plaintiff’s bond collateral. Although…
2Cases cited8 opinions
- Murphy v. American Home Products Corp.New York Court of Appeals · 1983
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- Swersky v. Dreyer & TraubAppellate Division of the Supreme Court of the State of New York · 1996
- Amcan Holdings, Inc. v. Canadian Imperial Bank of CommerceAppellate Division of the Supreme Court of the State of New York · 2010
- Financial Structures Ltd. v. UBS AGAppellate Division of the Supreme Court of the State of New York · 2010
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