Oddo Asset Mgmt. v. Barclays Bank PLC

Following the collapse of two investment vehicles known as SIV-Lites, Oddo Asset Management (Plaintiff) commenced this action against Barclays Bank PLC, Barclays Capital Inc. (collectively, Barclays), and The McGraw-Hill Companies, Inc., claiming aiding and abetting breach of fiduciary duty and tortious interference with contract. Supreme Court dismissed the complaint. The appellate division affirmed, concluding (1) the collateral managers of the SIV-Lites did not have a contract or relationship with Plaintiff such as would give rise to an underlying fiduciary duty, and (2) Plaintiff's tortious interference claim failed because Plaintiff did not allege an actual breach of the underlying contract. The Court of Appeals affirmed, holding (1) the collateral managers appointed to oversee the assets of the SIV-Lites did not owe a fiduciary duty to Plaintiff, and (2) Plaintiff failed to state a cognizable claim for tortious interference with contract. View "Oddo Asset Mgmt. v. Barclays Bank PLC" on Justia Law