Lucas v. Dynegy Inc. (In re Dynegy, Inc.)

Citation:
No. 13-2581, Slip Op. (2d Cir. Oct. 31, 2014)
Tag(s):
Ruling:
The circuit court affirmed the district court's ruling that the appellant lacked standing to opt out of or object to the reorganization plan on behalf of a putative class in a separate securities class action. They likewise affirmed the district court's ruling that, because appellant had opted out in his individual capacity, he lacked standing to pursue his personal objection.
Procedural context:
Appeal from an order dismissing a bankruptcy appeal
Facts:
Appellants brought a prepetition securities class action against the debtor. When the debtor filed for bankruptcy, appellant failed to follow the procedures under the Federal Rules of Bankruptcy Procedure to have the class certified. The debtor's plan of reorganization contained a release, which appellant opted out of on his own behalf and on behalf of the putative class.
Judge(s):
Murtha, J. (sitting by designation); Walker, J.; Hall, J.

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