FEDERAL HOUSING FINANCE AGENCY v. UBS AMERICAS

Docket No. 12-3207-cv.

712 F.3d 136 (2013)

FEDERAL HOUSING FINANCE AGENCY, As Conservator for the Federal National Mortgage Association and The Federal Home Loan Mortgage Corporation, Plaintiff-Appellee, v. UBS AMERICAS INC., UBS Real Estate Securities Inc., UBS Securities, LLC, Mortgage Asset Securitization Transactions, Inc., David Martin, Per Dyrvik, Hugh Corcoran, and Peter Slagowitz, Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided: April 5, 2013.


Attorney(s) appearing for the Case

Kathleen M. Sullivan ( Philippe Z. Selendy , Christine H. Chung , Adam M. Abensohn , William B. Adams , on the brief), Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY, for Plaintiff-Appellee.

Jay B. Kasner ( Scott D. Musoff , Joseph N. Sacca , Robert A. Fumerton , Alexander C. Drylewski , on the brief), Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY, for Defendants-Appellants.

Daniel Tenny ( Mark B. Stern and Thomas M. Bondy , on the brief), for Stuart F. Delery, Acting Assistant Attorney General, Civil Division, U.S. Department of Justice, Washington, D.C., and Preet Bharara , United States Attorney for the Southern District of New York, New York, NY, for Amicus Curiae United States.

Michael J. Dell and Aaron M. Frankel , Kramer Levin Naftalis & Frankel LLP, New York, NY, and Ira D. Hammerman and Kevin Carroll , Washington, D.C., for Amicus Curiae Securities Industry and Financial Markets Association.

Richard W. Painter ( Mary-Christine Sungaila , Snell & Wilmer L.L.P., Costa Mesa, CA, on the brief), University of Minnesota Law School, Minneapolis, MN, for Amicus Curiae Professor Richard W. Painter.

Michael O. Ware , Catherine A. Bernard , and Mark G. Hanchet , Mayer Brown LLP, New York, NY, and Washington, D.C.; Matthew Solum , Robert J. Kopecky , and Devon M. Largio , Kirkland & Ellis LLP, New York, NY, and Chicago, IL; David Blatt and John McNichols , Williams & Connolly LLP, Washington, D.C.; David H. Braff , Brian T. Frawley , Jeffrey T. Scott , Joshua Fritsch , Bruce Clark , Amanda F. Davidoff , Richard H. Klapper , Theodore Edelman , Michael T. Tomaino, Jr. , Tracy Richelle High , Penny Shane , Sharon L. Nelles , and Jonathan M. Sedlak , Sullivan & Cromwell LLP, New York, NY, and Washington, D.C.; Brad S. Karp , Bruce Birenboim , and Susanna M. Buergel , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Richard W. Clary and Michael T. Reynolds , Cravath, Swaine & Moore LLP, New York, NY; Thomas C. Rice , David J. Woll , and Alan Turner , Simpson Thacher & Bartlett LLP, New York, NY; Greg A. Danilow and Vernon Broderick , Weil, Gotshal, & Manges LLP, New York, NY; and James P. Rouhandeh , Brian S. Weinstein , Daniel J. Schwartz , Nicholas N. George , and Jane M. Morril , Davis Polk & Wardwell LLP, New York, NY; for Amici Curiae Related-Case Financial Institution Defendants.

Before: CHIN and LOHIER, Circuit Judges, and GARDEPHE, District Judge.


CHIN, Circuit Judge:

In this case, the Federal Housing Finance Agency ("FHFA"), as conservator of the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), sued UBS Americas Inc., certain affiliated entities, and several officers (collectively, "UBS") for fraud and misrepresentation in connection with the marketing and sale of mortgage-backed securities. FHFA has filed some seventeen other similar actions...

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