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WHISTLER INV. INC. v. DEPOSITORY TRUST AND CLEARING CORP.

No. 06-16088.

539 F.3d 1159 (2008)

WHISTLER INVESTMENTS, INC., a Nevada corporation; Salim S. Rana Investments Corp., a corporation; American Dream Holdings, Inc., a corporation, Plaintiffs-Appellants, v. The DEPOSITORY TRUST AND CLEARING CORPORATION; The Opinion Depository Trust Company; The National Securities Clearing Corporation, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed August 22, 2008.

Attorney(s) appearing for the Case

Michael J. Morrison, Reno, NV, and John R. Knight (argued), Memphis, TN, for the appellants.

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.

Scott K. Attaway (argued), Washington, DC, for North American Securities Administrators Association, as amicus curiae in support of the appellants.

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.

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

THOMAS, Circuit Judge:

This case requires us to consider whether the Securities Exchange Act of 1934 preempts state-law claims against registered clearing agencies in connection with their clearance and settlement services, where those services were performed pursuant to a program approved of by the Securities and Exchange Commission. Although we conclude that the state law claims asserted here were not precluded by field preemption, we hold the claims were barred...

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