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MATTER OF U.S. BANK N.A. v. XXX

Index No. 650630/21. Appeal No. 15262. Case No. 2021-02435.

202 A.D.3d 498 (2022)

2022 NY Slip Op 00835

In the Matter of U.S. Bank National Association, Petitioner, v. XXX, Defendant. Pacific Investment Management Company LLC, Nonparty Appellant, v. Serengeti Asset Management LP, Nonparty Respondent.

Appellate Division of the Supreme Court of New York, First Department.

Decided February 8, 2022.

Attorney(s) appearing for the Case

Norton Rose Fulbright US LLP, New York (Sandeep Savla of counsel), for appellant.

Kasowitz Benson Torres LLP, New York (Michael A. Hanin of counsel), for respondent.

Concur—Manzanet-Daniels, J.P., Oing, González, Shulman, Higgitt, JJ.

In this CPLR article 77 proceeding, petitioner U.S. Bank National Association, the trustee of numerous collateralized debt obligation (CDO) trusts, seeks a judicial determination regarding the timing for distributing proceeds from the sale of securities of three CDOs. Nonparty senior noteholder Pacific Investment Management Company LLC (PIMCO) argues that according to the governing indenture, distribution should be made on a monthly date—a method that would involve...

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