NAT'L CREDIT UNION v. U.S. BANK NAT'L ASS'N

No. 17-756-cv August Term 2017.

898 F.3d 243 (2018)

NATIONAL CREDIT UNION ADMINISTRATION BOARD, as Liquidating Agent of U.S. Central Federal Credit Union, Western Corporate Federal Credit Union, Members United Corporate Federal Credit Union, Southwest Corporate Federal Credit Union, and Constitution Corporate Federal Credit Union, National Credit Union Administration Board on Behalf of the NGN Trusts, Graeme W. Bush, as Separate Trustee, Plaintiffs-Appellants, v. U.S. BANK NATIONAL ASSOCIATION, Bank of America, National Association, Defendants-Appellees, NCUA Guaranteed Notes Trust 2010-R1, NCUA Guaranteed Notes Trust 2010-R2, NCUA Guaranteed Notes Trust 2010-R3, NCUA Guaranteed Notes Trust 2011-R1, NCUA Guaranteed Notes Trust 2011-R2, NCUA Guaranteed Notes Trust 2011-R3, NCUA Guaranteed Notes Trust 2011-R4, NCUA Guaranteed Notes Trust 2011-R5, NCUA Guaranteed Notes Trust 2011-R6, NCUA Guaranteed Notes Trust 2011-M1, Nominal Defendants.

United States Court of Appeals, Second Circuit.

Decided: August 2, 2018.


Attorney(s) appearing for the Case

DAVID C. FREDERICK , Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., Washington, DC ( Scott K. Attaway and Frederick Gaston Hall , Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., Washington, DC; and George A. Zelcs and John A. Libra , Korein Tillery LLC, Chicago, IL, on the brief), for Plaintiffs-Appellants.

FRED A. ROWLEY , Munger, Tolles & Olson LLP, Los Angeles, CA ( James C. Rutten , Jacob S. Kreilkamp , Wesley T.L. Burrell , and Adam P. Barry , Munger, Tolles & Olson LLP, Los Angeles, CA; David F. Graham , Sidley Austin LLP, Chicago, IL; and Isaac S. Greaney and Daniel Gimmel , Sidley Austin LLP, New York, NY, on the brief), for Defendant-Appellee Bank of America, National Association.

David F. Adler , Louis A. Chaiten , and Amanda R. Parker , Jones Day, Cleveland, OH, for Defendant-Appellee U.S. Bank National Association.

Before: Cabranes and Carney, Circuit Judges, and Caproni, District Judge.


The Plaintiff-Appellant National Credit Union Administration Board manages the National Credit Union Administration (together, "NCUA"), an independent federal agency responsible for regulating and insuring federal credit unions. In 2009 and 2010, NCUA liquidated five corporate credit unions and succeeded to...

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