Crews & Associates Inc v. Nuveen High Yield Municipal Bond Fund et al

Filing 49

ORDER denying motion to dismiss the declaratory judgment action 46 . Signed by Judge Brian S. Miller on 6/28/11. (kpr)

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IN THE UNITED STATES DISTRICT COURT EASTERN DISTRICT OF ARKANSAS WESTERN DIVISION CREWS & ASSOCIATES, INC. v. PLAINTIFF Case No. 4:10-cv-1098 BSM NUVEEN HIGH YIELD MUNICIPAL BOND FUND et al. DEFENDANTS ORDER Nuveen High Yield Municipal Bond Fund (“Nuveen”) moves [Doc. No. 46] to dismiss the declaratory judgment action based on an unconditional covenant not to assert a claim under Section 10b of the Securities Exchange Act of 1934. Crews & Associates (“Crews”) objects stating that the covenant is not a final judicially enforceable agreement. The motion is DENIED. The order [Doc. No. 36] entered on March 29, 2011, declined to dismiss the claim without a judicially binding agreement on the issue. The current unilateral promise does not represent a judicially binding agreement between the parties. As such, Nuveen is still entitled to pursue declaratory judgment on the Section 10b claims, and the motion to dismiss [Doc. No. 46] is DENIED. IT IS SO ORDERED this 28th day of June 2011. ________________________________ UNITED STATES DISTRICT JUDGE

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