Citibank, N.A. v. Morgan Stanley & Co. International, PLC, No. 1:2009cv08197 - Document 33 (S.D.N.Y. 2010)

Court Description: OPINION AND ORDER Motions terminated: 15 MOTION for Judgment on the Pleadings. filed by Citibank, N.A., 21 MOTION for Judgment on the Pleadings, filed by Morgan Stanley & Co. International, PLC. For the reasons stated above, Citibank's moti on for judgment on the pleadings and for dismissal of MSIP's original counterclaims is granted. MSIP's motion for judgment on the pleadings is denied. The Clerk of Court is directed to close these motions (documents ## 15 and 21). Because j udgment is granted to Citibank on limited pleadings, I am not entering final judgment. Specifically, MSIP recently added counterclaims for reformation and equitable estoppel that are not at issue in the present motions. Citibank shall reply to these counterclaims within twenty (20) days of the date of this Opinion and Order. A conference is scheduled for June 10, 2010, at 5:00 p.m. SO ORDERED. (Signed by Judge Shira A. Scheindlin on 5/12/2010) (jmi)

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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK -------------------------------------------------------- )( CITIBANK, N.A., Plaintiff and Counterclaim Defendant, - againstMORGAN STANLEY & CO. INTERNATIONAL, PLC, Defendant and Counterclaimant. -------------------------------------------------------- )( OPINION AND ORDER 09 Civ. 8197 (SAS) ,. .- - '. \IllI rU;~i)(~-SD~ry I DOCU~1ENT ,\ !at.cTRONlCALLY FILE] DOC #: DATE FILED: S SHIRA A. SCHEINDLIN, U.S.D.J.: I. INTRODUCTION This case involves yet another high-stakes dispute arising from the recent economic turmoil. While the financial instruments around which this action revolves are complex, the Court's current task is straightforward: to ascertain whether a contract between financial titans Citibank, N.A. ("Citibank") and Morgan Stanley & Co. International, PLC ("MSIP") is unambiguous. Specifically, the question presented is whether Citibank breached the terms of a credit default swap when Citibank ordered the liquidation of a security without first obtaining MSIP's written consent. Because the swap agreement unambiguously permits /-....D .

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