United States First Circuit
Plumber's Union Local No. 12 Pension Fund v. Nomura Asset Acceptance Corp., 09-2596
In a putative class action against eight trusts, the "depositor" that organized them, the trusts' underwriters and five officers of the depositor, seeking redress for losses suffered when plaintiffs acquired trust certificates representing mortgage-backed securities, district court's dismissal of the complaint is affirmed in part, vacated in part and remanded where: 1) the claims related to the six trusts from which the named plaintiffs never purchased securities were properly dismissed, as were the six trusts and defendants connected to only those six trusts; 2) as to the remaining two trusts and remaining defendants, the dismissal of all claims except those relating to the statements regarding the lending banks' underwriting practices is affirmed; 3) district court's dismissal of plaintiffs' section 12(a)(2) claims for failure to allege defendants' requisite connections with the sale was in error; and 4) district court's dismissal of plaintiffs' section 15 claim was in error.
Appellate Information
- Decided 01/21/2011
- Published 01/21/2011
Judges
Court
- United States First Circuit
Counsel
- For Appellant:
- Eric Alan Isaacson, Stephen D. Poss