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NextBank Investors Beat FDIC In $50M Fund Claim

Law360 (February 26, 2009, 12:00 AM EST) -- A group of private investors has won its claim for recovery of funds in a $50 million trust created as part of a securitization transaction by credit card issuer NextBank NA, over a competing claim by the Federal Deposit Insurance Corp.

The investors — First Millennium Inc., subsidiary Millennium Partners LP and RMK Advantage Fund — were granted summary judgment to recover the assets in an order Tuesday by Judge Charles Haight Jr. of the U.S. District Court for the Southern District of New York....
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