United States District Court, Southern District of New York
April 11, 2003
BEACON HILL ASSET MANAGEMENT LLC, ET AL., PETITIONERS,
ASSET ALLIANCE CORPORATION, ET AL., RESPONDENTS.
The opinion of the court was delivered by: Lewis A. Kaplan, United States District Judge.
For the reasons stated on the record in open court this date, this Court has concluded that petitioners' federal claim is frivolous and insubstantial. Accordingly, there was no jurisdictional basis for removing this action, and it is remanded to the Court from which it was removed. Even if the Court had subject matter jurisdiction, it would dismiss petitioners' federal claim on the merits and remand the case to the court from which it was removed under Carnegie-Mellon University v. Cohill, 484 U.S. 343 (1988).
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