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NANOPIERCE TECH. v. DEPOSITORY TRUST

No. 45364.

168 P.3d 73 (2007)

NANOPIERCE TECHNOLOGIES, INC., a Nevada Corporation; Stephen Seitz, an Individual; Jane Seitz, an Individual; Kathy Knight-McConnell, an Individual; James Stock, an Individual; Maureen O'Sullivan, an Individual; and Helen Kolada, an Individual, Appellants, v. The DEPOSITORY TRUST AND CLEARING CORPORATION; The Depository Trust Company; and the National Securities Clearing Corporation, Respondents.

Supreme Court of Nevada.

September 20, 2007.

Attorney(s) appearing for the Case

Lionel Sawyer & Collins and David N. Frederick, Samuel S. Lionel, and Dan C. Bowen, Reno, for Appellants.

Laxalt & Nomura, Ltd., and Daniel T. Hayward, Bruce R. Laxalt, and Don Nomura, Reno; Proskauer Rose LLP and Gregg M. Mashberg and Karen D. Coombs, New York, New York; William E. Cooper Law Offices and William E. Cooper Jr., Las Vegas, for Respondents.

Bailey Merrill and Dennis L. Kennedy and Sarah E. Harmon, Las Vegas; Rex Staples, General Counsel, Stephen W. Hall, Deputy General Counsel, and Joseph Brady and Lesley M. Walker, Associate Counsel, Washington, D.C., for Amicus Curiae North American Securities Administrators Association, Inc.

Brian G. Cartwright, General Counsel, Jacob H. Stillman, Solicitor, Mark Pennington, Assistant General Counsel, and Michael L. Post, Senior Counsel, Washington, D.C., for Amicus Curiae SEC.

Woodbury & Kesler and Nicholas E. Hales, Salt Lake City, Utah, for Amicus Curiae National Coalition Against Naked Shortselling.

BEFORE THE COURT EN BANC.

OPINION

By the court, SAITTA, J.:

This case arises from respondents' use of the Stock Borrow Program to facilitate clearing and settling certain broker-to-broker securities transactions. "Clearing and settling" essentially refers to the process by which record ownership of securities is exchanged for funds when sellers transfer securities to purchasers. Respondents are a holding company and its two subsidiary clearing agencies. The clearing agencies...

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