As Alison Frankel of Thomson Reuters deftly explains in an article about the pending settlement in federal court in NY regarding a class action against Bank of America, the plaintiffs in a parallel suit against BofA pending in the Delaware Court of Chancery oppose the settlement in NY, and there are competing motions over which court should yield to the other, and conflicting accounts of why the Delaware plaintiffs won’t agree to the settlement.

UPDATE: On Friday, May 4, in a ruling issued via teleconference, the Court of Chancery deferred to the federal court in NY and observed that it was not aware of any controlling authority that would allow it to enjoin a federal court from considering a settlement–based on the circumstances of this matter. The transcript of the Delaware ruling is here.