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New Jersey Carpenters Health Fund v. Royal Bank of Scot. Group, PLC

United States District Court, S.D. New York

February 5, 2015

NEW JERSEY CARPENTERS HEALTH FUND, on behalf of itself and all others similarly situated, Plaintiff,
v.
ROYAL BANK OF SCOTLAND GROUP, PLC, et al., Defendants

For New Jersey Carpenters Health Fund, on Behalf of Itself and All Others Similarly Situated, Lead Plaintiff: Christopher Lometti, LEAD ATTORNEY, Daniel Brett Rehns, Kenneth Mark Rehns, Michael Benjamin Eisenkraft, Cohen Milstein Sellers & Toll P.L.L.C., New York, NY; Joshua Seth Devore, Steven Jeffrey Toll, PRO HAC VICE, Stephen Douglas Bunch, LEAD ATTORNEY, Matthew B. Kaplan, Cohen Milstein Sellers & Toll PLLC (DC), Washington, DC; Frank Rocco Schirripa, Schoengold & Sporn, P.C., New York, NY; Richard A Speirs, Zwerling, Schachter & Zwerling (Madison Avenue) New York, NY.

For The Royal Bank of Scotland Group, plc, Greenwich Capital Holdings, Inc., Defendants: James Gaal Gamble, Thomas C. Rice, LEAD ATTORNEYS, Christopher Jon Lucht, Simpson Thacher & Bartlett LLP (NY), New York, NY.

For Greenwich Capital Markets, Inc., doing business as RBS Greenwich Capital, Wachovia Capital Markets, LLC, sued herein as Wachovia Securities, LLC, Deutsche Bank Securities, Inc., Defendants: Alan Craig Turner, James Gaal Gamble, Thomas C. Rice, LEAD ATTORNEYS, Christopher Jon Lucht, Jason Robert Meltzer, Simpson Thacher & Bartlett LLP (NY), New York, NY.

For NovaStar Mortgage Funding Trust, Series 2006-3, NovaStar Mortgage Funding Trust, Series 2006-4, NovaStar Mortgage Funding Trust, Series 2006-5, NovaStar Mortgage Funding Trust, Series 2006-6, NovaStar Mortgage Funding Corporation, Scott F, NovaStar Mortgage Funding Trust, Series 2006-3, NovaStar Mortgage Funding Trust, Series 2006-5, NovaStar Mortgage Funding Trust, Series 2006-6, NovaStar Mortgage Funding Corporation, Scott F, Defendants: Steven J. Fink, LEAD ATTORNEY, Orrick, Herrington & Sutcliffe LLP (NYC), New York, NY; William F. Alderman, PRO HAC VICE, Orrick, Herrington & Sutcliffe, San Francisco, CA.

For NovaStar Mortgage Funding Trust, Series 2007-1, NovaStar Mortgage Funding Trust, Series 2007-2, NovaStar Mortgage FundingTrust, Series 2006-4, NovaStar Mortgage Funding Trust, Series 2007-1, NovaStar Mortgage Funding Trust, Series 2007-2, Defendants: William F. Alderman, PRO HAC VICE, Orrick, Herrington & Sutcliffe, San Francisco, CA.

For Hartman Gregory S. Metz, Defendant: Steven J. Fink, Orrick, Herrington & Sutcliffe LLP (NYC), New York, NY.

For W. Lance Anderson, Scott F. Hartman, Novastar Mortgage Inc., Novastar Mortgage Funding Corporation, Scott F. Hartman, Gregory S. Metz, Defendants: Steven J. Fink, LEAD ATTORNEY, Orrick, Herrington & Sutcliffe LLP (NYC), New York, NY; William F. Alderman, PRO HAC VICE, LEAD ATTORNEY, Orrick, Herrington & Sutcliffe, San Francisco, CA.

For Mark A. Herpich, Defendant: William F. Alderman, PRO HAC VICE, LEAD ATTORNEY, Orrick, Herrington & Sutcliffe, San Francisco, CA; Lyndsey J Conrad, PRO HAC VICE, Husch Blackwell Sanders, LLP (KC), Kansas City, MO.

For RBS Securities, Inc., Wells Fargo Advisors, LLC, formerly known as Wachovia Securities LLC, Defendants: Alan Craig Turner, James Gaal Gamble, LEAD ATTORNEY, Jason Robert Meltzer, Thomas C. Rice, Simpson Thacher & Bartlett LLP (NY), New York, NY.

MEMORANDUM & ORDER

Deborah A. Batts, United States District Judge.

Plaintiff New Jersey Carpenters Health Fund (" Plaintiff") brings this putative class action alleging material misrepresentations in the offering materials pertaining to certain mortgage-backed securities.[1] Plaintiff has moved for Reconsideration of this Court's March 31, 2011 Order dismissing certain of its claims on standing grounds. See New Jersey Carpenters Health Fund v. Royal Bank of Scotland Group, PLC, 709 F.3d 109 (2d Cir. 2013) (remanding the case for reconsideration under the standard set forth in NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co., 693 F.3d 145 (2d Cir. 2012)). For the reasons below, Plaintiff's Motion for Reconsideration is GRANTED and the Order dismissing such claims is VACATED.

I. BACKGROUND

The Court assumes the Parties' familiarity with the factual background of this matter as fully set forth in the Court's Orders of March 31, 2011 (the " 2011 Order") and March 29, 2012 (the " 2012 Order").

The Court, in the 2011 Order, dismissed for lack of standing Plaintiff's claims in the First Consolidated Amended Securities Class Action Complaint (" FAC") related to securities it did not personally invest in. Plaintiff subsequently filed a Second Amended Complaint (" SAC") asserting claims related to the NovaStar Funding Trust Series 2007-2, in which it invested. The Court dismissed the SAC on the ground that it was " not ...


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