Calif. City Says BNY Can't Sue Over Mortgage Seizure Plan
By Beth Winegarner
Law360, San Francisco (November 01, 2013, 5:10 PM ET) -- The City of Richmond, Calif., urged a California federal judge on Friday to throw out The Bank of New York Mellon Corp.'s bid to block the city from seizing properties with underwater mortgages by eminent domain, arguing there can't be an injunction on legislation that hasn't been approved.
U.S. District Judge Charles Breyer agreed with Richmond at the start of Friday's hearing that the case was akin to another brought by Wells Fargo Bank NA, which he dismissed in September, finding it was premature. However, after...