Opinion ID: 616266
Heading Depth: 2
Heading Rank: 2

Heading: VCG's Court Action against Wachovia Bank

Text: In November 2007, after a dispute between the parties had arisen over the extent of VCG's obligation to provide collateral under the Agreement, VCG commenced an action against Wachovia Bank in New York State Supreme Court, alleging, inter alia, fraud, breach of contract, unjust enrichment, and breach of the implied covenant of good faith and fair dealing. WCM was not named as a defendant in that action. Wachovia Bank promptly removed the case to the United States District Court for the Southern District of New York, see CDO Plus Master Fund Ltd. v. Wachovia Bank, N.A., No. 07 Civ. 11078 ( VCG v. WB ), and counterclaimed for breach of contract. In July 2009, the district court dismissed all of VCG's claims against Wachovia Bank in VCG v. WB except a claim for breach of contract. See 2009 WL 2033048, at . In August 2010, the court granted summary judgment in that action in favor of Wachovia Bank, dismissing VCG's breach-of-contract claim and upholding the Bank's breach-of-contract counterclaim. See 2010 WL 3239416, at .