United States Ninth Circuit

In an action raising claims against registered clearing agencies in connection with their clearance and settlement services, which were performed pursuant to a program approved of by the SEC, dismissal of the action is affirmed where each of plaintiff's 22 claims amounted to challenges to the rules and operation of the Stock Borrow Program and, as such, conflicted with and were preempted by federal securities law.

Appellate Information

• Argued 03/10/2008
• Decided 08/22/2008
• Published 08/22/2008

Judges

• THOMAS, Circuit Judge:, Before:  HAWKINS, SIDNEY R. THOMAS, and RICHARD R. CLIFTON, Circuit Judges.

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Michael J. Morrison, Reno, NV, and John R. Knight (argued), Memphis, TN, for the appellants., Scott K. Attaway (argued), Washington, DC, for North American Securities Administrators Association, as amicus curiae in support of the appellants.


• For Appellees:
  
• Don Nomura and Daniel T. Hayward, Laxalt & Nomura, Reno, NV, Gregg M. Mashberg (argued) and Karen D. Coombs, Proskauer Rose LLP, New York, NY, for the appellees., Mark R. Pennington (argued), Michael L. Post, Securities and Exchange Commission, Washington, DC, for Securities and Exchange Commission, as amicus curiae in support of the appellees.