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United States Second Circuit


FDIC v. First Horizon Asset Securities, Inc., 14-3648

In an action brought by the FDIC asserting claims under the Securities Act of 1933, the District Court's dismissal of the complaint as untimely is vacated where plaintiff's complaint was timely because: 1) plaintiff brought this action within the limitations period provided by the FDIC Extender Statute, 12 U.S.C. section 1821(d)(14), but outside the Securities Act's three‐year statute of repose; 2) In Fed. Housing Finance Agency v. UBS Americas Inc., 712 F.3d 136 (2d Cir. 2013), the Court held that a materially identical extender statute for actions brought by the Federal Housing Finance Agency displaced the Securities Act's statute of repose; and 3) the Supreme Court's decision in CTS Corp. v. Waldburger , 134 S.Ct. 2175 (2014), did not abrogate the holding in UBS, which remains good law.

Appellate Information

  • Decided
  • Published 2016/05/19

Judges

  • LYNCH

Court

  • United States Second Circuit

Counsel

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