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UNITED STATES DISTRICT COURT DOCUMENT
SOUTHERN DISTRICT OF NEW YORK ELECTRONICALLY FILED
------------------------------------- X DOC #: _________________
LASER KITTEN, LLC, KATIE THIERJUNG, : DATE FILED: 10/04/2018
UNITED STATES
and WILDFLOWER + CO., INC., DISTRICT COURT :
SOUTHERN DISTRICT OF NEW YORK :
-----------------------------------------------------------x
Plaintiffs, :
In re FANNIE MAE 2008 SECURITIES :: 08 Civ. 7831 (PAC)
LITIGATION
-against- :: 09
No. MD
17 2013
Civ.(PAC)
8613 (JFK)
:: OPINION & ORDER
MARC JACOBS INTERNATIONAL, LLC, :: OPINION & ORDER
-----------------------------------------------------------x:
Defendant. :
:
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HONORABLE PAUL A. CROTTY, United States District Judge:
APPEARANCES
FOR PLAINTIFFS LASER KITTEN, LLC, KATIE THIERJUNG, and
WILDFLOWER + CO., INC. BACKGROUND1
Penelope Anne Fisher-Birch
Andrew The earlyGerber
Isaac years of this decade saw a boom in home financing which was fueled, among
KUSHNIRSKY GERBER PLLC
other things, by low interest rates and lax credit conditions. New lending instruments, such as
FOR DEFENDANT MARC JACOBS INTERNATIONAL, LLC
subprimeJay
Michael mortgages
Zinna (high credit risk loans) and Alt-A mortgages (low-documentation loans)
Joel Avi Hankin
kept the
Kelli boom going.
Danielle Borrowers played a role too; they took on unmanageable risks on the
Ortega
KELLEY DRYE & WARREN, LLP
assumption that the market would continue to rise and that refinancing options would always be
JOHN F. KEENAN, United States District Judge:
available in the future. Lending discipline was lacking in the system. Mortgage originators did
Before the Court is a motion, under Federal Rule of Civil
not hold these high-risk mortgage loans. Rather than carry the rising risk on their books, the
Procedure 12(b)(6), by Defendant Marc Jacobs International, LLC
originators sold their loans into the secondary mortgage market, often as securitized packages
(“MJI” or “Defendant”) to dismiss the second claim of Laser
known as mortgage-backed securities (“MBSs”). MBS markets grew almost exponentially.
Kitten, LLC, Katie Thierjung, and Wildflower + Co., Inc.’s
But then the housing bubble burst. In 2006, the demand for housing dropped abruptly
(collectively, the “Plaintiffs”) complaint which alleges MJI
and home prices began to fall. In light of the changing housing market, banks modified their
provided false copyright management information in violation of
lending practices and became unwilling to refinance home mortgages without refinancing.
17 U.S.C. § 1202(a). For the reasons stated below, Defendant’s
I. Background
A. Factual Background
New York, New York. (Id. ¶ 13.) MJI is a fashion brand which
2
Case 1:17-cv-08613-JFK-BCM Document 63 Filed 10/04/18 Page 3 of 13
collection. (Id. ¶¶ 20, 22, 23.) They further allege that MJI
City Pink Cop Car Pin”; Thierjung alleges that she is the author
designs including the “LK City Pink Cop Car Pin.” (Def.’s Mem.
Pun,” and the “Margarita Pin.” (Compl. ¶ 24; Supp. at 3 & Ex.
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B. Procedural History
Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atl.
Corp. v. Twombly, 550 U.S. 544, 570 (2007)). The Court’s charge
4
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favor.” Harris v. Mills, 572 F.3d 66, 71 (2d Cir. 2009). The
III. Discussion
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(2) even if it had, they failed to allege that MJI possessed the
False CMI
6
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at *4 (D. Ariz. Sept. 24, 2018); see also Drauglis v. Kappa Map
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Here, as to Laser Kitten’s “LK City Pink Cop Car Pin” and
replaced Plaintiffs’ CMI with its own, (2) “placed its own
8
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with its own and “conveyed new, false titles” in connection with
these designs along with the allegation that MJI “placed its own
9
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Int’l Game Tech. PLC, 255 F. Supp. 3d 812, 822 (N.D. Ill.
(collecting cases).)
10
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No. 17 Civ. 115 (S.D.N.Y. Mar. 27, 2018), ECF No. 43.)
detailing what the “branding” was and the pictures only show the
stylized words “Marc Jacobs” with nothing more. This falls far
below what the Aaberg court found was sufficient to plead CMI.
MJI conveyed this false title. See Iqbal, 556 U.S. at 678. The
11
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adequately allege that MJI conveyed false CMI with any of the
dismissal.
B. Leave to Amend
12
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this Opinion.
Conclusion
SO ORDERED.
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