FEDERAL HOUSING FINANCE AGENCY v. NOMURA HOLDING

Docket Nos. 15-1872-cv(L), 15-1874-cv(CON) August Term 2016.

873 F.3d 85 (2017)

FEDERAL HOUSING FINANCE AGENCY, as Conservator FOR the FEDERAL NATIONAL MORTGAGE ASSOCIATION and the Federal Home Loan Mortgage Corporation, Plaintiff-Appellee, v. NOMURA HOLDING AMERICA, INC., Nomura Asset Acceptance Corporation, Nomura Home Equity Loan, Inc., Nomura Credit & Capital, Inc., Nomura Securities International, Inc., RBS Securities, Inc., f/k/a Greenwich Capital Markets, Inc., David Findlay, John McCarthy, John P. Graham, Nathan Gorin, N. Dante LaRocca, Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided: September 28, 2017.


Attorney(s) appearing for the Case

KATHLEEN M. SULLIVAN ( Philippe Z. Selendy , Adam M. Abensohn , William B. Adams , Andrew R. Dunlap , Yelena Konanova , on the brief), Quinn Emanuel Urquhart & Sullivan LLP, New York, NY, for plaintiff-appellee.

DAVID B. TULCHIN , Sullivan & Cromwell LLP, New York, NY ( Amanda F. Davidoff , Sullivan & Cromwell LLP, Washington, D.C.; Bruce E. Clark , Steven L. Holley , Adam R. Brebner , Owen R. Wolfe , Sullivan & Cromwell LLP, New York, NY, on the brief), for defendants-appellants Nomura Holding America, Inc., Nomura Asset Acceptance Corporation, Nomura Home Equity Loan, Inc., Nomura Credit & Capital, Inc., Nomura Securities International, Inc., David Findlay, John McCarthy, John P. Graham, Nathan Gorin, and N. Dante LaRocca.

E. JOSHUA ROSENKRANZ , Orrick, Herrington & Sutcliffe LLP, New York, NY ( Thomas C. Rice , Andrew T. Frankel , Alan C. Turner , Craig S. Waldman , Simpson Thacher & Bartlett LLP, New York, NY; Paul F. Rugani , Orrick, Herrington & Sutcliffe LLP, Seattle, WA; Daniel A. Rubens , Orrick, Herrington & Sutcliffe LLP, New York, NY; Kelsi Brown Corkran , Orrick, Herrington & Sutcliffe LLP, Washington, D.C., on the brief), for defendant-appellant RBS Securities, Inc.

Michael J. Dell , Kramer Levin Naftalis & Frankel LLP, New York, NY, for amici curiae Securities Industry and Financial Markets Association and The Clearing House Association LLC, in support of defendants-appellants.

Before: Wesley, Livingston, and Droney, Circuit Judges.


In the wake of the Great Depression, Congress took measures to protect the U.S. economy from suffering another catastrophic collapse. Congress's first step in that endeavor was the Securities Act of 1933 (the "Securities Act" or "Act"), ch. 38, 48 Stat. 74 (codified as amended at 15 U.S.C. § 77a et seq.). The Act...

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