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Feb 07, 2014

Second Circuit Holds that Federal Reserve Bank of NY Was Not Subject to State Law Fiduciary Duty Claim for Actions During Financial Crisis

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Late last month, in Starr Int’l Co. v. Fed Reserve Bank of N.Y., the Second Circuit held that the Federal Reserve Bank of New York (“FRBNY”) could not be held liable for state law fiduciary duty claims when it was acting under its statutory mandate to rescue a corporate entity. In doing so, the court made clear that such protections would extend to the Federal Reserve Bank where it is alleged that, in some of the actions it took, FRBNY had exceeded its statutory authority.

View memo, Second Circuit Holds that Federal Reserve Bank of NY Was Not Subject to State Law Fiduciary Duty Claim for Actions During Financial Crisis

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