DPK Prevails in Fourth Circuit Appeal for BlackRock

August 10, 2016

In August, the U.S. Court of Appeals for the Fourth Circuit ruled for DPK client BlackRock in a dispute concerning rights in a securities account.  The case, which involved novel claims under Article 9 of the UCC as well as tort claims under Maryland law, had previously been dismissed by the District Court.  On appeal, both the Securities Industry and Financial Markets Association and the Commercial Finance Association filed amicus briefs addressing the complex and significant UCC issues raised in the litigation.  In a 25 page opinion written by Judge Albert Diaz, a Fourth Circuit panel unanimously affirmed the District Court's ruling, holding that UCC Sections 9-406 and 9-607 do not create independent causes of action.


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