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NATIONAL CREDIT UNION v. NOMURA HOME EQUITY LOAN

Nos. 12-3295, 12-3298.

727 F.3d 1246 (2013)

NATIONAL CREDIT UNION ADMINISTRATION BOARD, as liquidating agent of U.S. Central Federal Credit Union and of Western Corporate Federal Credit Union, Plaintiff-Appellee, v. NOMURA HOME EQUITY LOAN, INC.; Wachovia Capital Markets, LLC, n/k/a Wells Fargo Securities, LLC; Wachovia Mortgage Loan and Trust, LLC; NovaStar Mortgage Funding Corp.; Financial Asset Securities Corp.; RBS Acceptance, Inc., f/k/a Greenwich Capital Acceptance, Inc.; RBS Securities, Inc., f/k/a Greenwich Capital Markets, Inc., Defendants-Appellants, and Fremont Mortgage Securities Corp.; Indymac MBS, Inc.; Lares Asset Securitization, Inc.; Residential Funding Mortgage Securities II, Inc., Defendants. Securities Industry and Financial Markets Association, Amicus Curiae.

United States Court of Appeals, Tenth Circuit.

August 27, 2013.

Attorney(s) appearing for the Case

Barry Levenstam , Jenner & Block, Chicago, IL ( Barbara S. Steiner , Matthew J. Thomas , and Casey T. Grabenstein , Jenner & Block, Chicago, IL; W. Perry Brandt , Bryan Cave LLP, Kansas City, MO; Arthur E. Palmer , Goodell, Stratton, Edmonds & Palmer, LLP, Topeka, KS; Jeffrey J. Kalinowski and Richard H. Kuhlman , Bryan Cave LLP, St. Louis, MO; William F. Alderman , Orrick, Herrington & Sutcliffe LLP, San Francisco, CA; Timothy B. Mustaine , Foulston Siefkin LLP, Wichita, KS; Michael Thompson and Faiza Bergquist , Husch Blackwell LLP, Kansas City, MO; and R. Alexander Pilmer , David I. Horowitz , and Tammy A. Tsoumas , Kirkland & Ellis LLP, Los Angeles, CA, with him on the briefs), appearing for Appellants.

David C. Frederick , Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, D.C. ( George Zelcs , Korein Tillery , Chicago, IL; Michael J. McKenna , General Counsel, and John K. Ianno , Associate General Counsel, National Credit Union Administration, Alexandria, VA; Wan J. Kim and Gregory G. Rapawy , Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., with him on the brief), appearing for Appellee.

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

Before KELLY, McKAY, and MATHESON, Circuit Judges.

MATHESON, Circuit Judge.

The National Credit Union Administration ("NCUA") placed two federally chartered corporate credit unions, U.S. Central Federal Credit Union ("U.S.Central") and Western Corporate Federal Credit Union ("WesCorp"), into conservatorship. As liquidating agent, NCUA sued 11 defendants on behalf of U.S. Central, alleging federal and state securities violations.1 In a separate...

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