City of Ann Arbor Employees Ret. Sys. v. Citigroup Mortg. Loan Trust Inc.
Aug
11
2008
Ruling
Securities claims had conceivable effect on debtor's bankruptcy and were properly removed.
Procedural posture
Plaintiff retirement system and investors brought a class action against defendant mortgage loan trusts in state court, alleging violations of 15 U.S.C.S. §§ 77k and 77o. The matter was removed to federal district court. The retirement system and investors moved to remand on the ground that 15 U.S.C.S. § 77v(a) prohibited removal of cases brought under the Securities Act of 1933.
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Court
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