United States Ninth Circuit

In a case brought under the under the Securities Act of 1933 by a liquidating agent for a failed credit union against defendants for making false and misleading statements in their offerings of residential mortgage-backed securities purchased by the credit union, the District Court's dismissal of the complaint as time-barred is vacated where the 'Extender Statute,' 12 U.S.C. section 1787(b)(14), part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, which establishes the applicable statute of limitations with regard to any action brought by plaintiff as conservator or liquidating agent for a failing or failed credit union, supplants the statute of repose contained within 15 U.S.C. section 77m, which provides that a private investor pursuing a claim under section 11 or section 12(a)(2) of the Securities Act must bring suit within three years after the security was offered or sold.

Appellate Information

• Published 2016/08/15

Judges

• NELSON

Court

• United States Ninth Circuit

Counsel