Ades & Berg Group Investors v. Breeden

Ades and Berg Group Investors (“Ades-Berg”) 1 appeals from the judgment of the United States District Court for the Northern District of New York (Kahn, J.) dismissing on the pleadings its counterclaim for a constructive trust over proceeds from settlement of, inter alia, reinsurance claims of which Ades-Berg asserts its members were the intended beneficiaries. Relying on the Supreme Court’s decision in Travelers Casualty & Surety Co. of America v. Pacific Gas & Electric Co., 549 U.S. 443, 127 S.Ct. 1199, 167 L.Ed.2d 178 (2007), Ades-Berg contends that the District Court erred in applying a…