Irving Picard vs JP Morgan Granting Defendants’ Motion Dismiss

While these motions were being briefed, substantially identical arguments persuaded Judge Rakoff to dismiss the Trustee's common law claims against HSBC and several of its affiliates for lack of standing. Picard v, HSBC Bank PLC, 454 B.R. 25 (S.D.N. Y, 2011), For the reasons discussed below, I am persuaded as well, The motions to dismiss the Trustee's common law claims are therefore GRANTED in the JPMorgan and UBS cases. The Trustee's remaining arguments for standing under New York's contribution statute and SIPA are mere reformulations of those already rejected by Judge Rakoff. They are no more persuasive to me than they were to him.