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FEDERAL HOME LOAN BANK v. CREDIT SUISSE

Nos. 95420-8, (consol. 95436-4).

449 P.3d 1019 (2019)

FEDERAL HOME LOAN BANK OF SEATTLE, Petitioner, v. CREDIT SUISSE SECURITIES (USA) LLC f/k/a Credit Suisse First Boston LLC, a Delaware limited liability company; Credit Suisse First Boston Mortgage Securities Corp., a Delaware corporation; and Credit Suisse Management (USA) LLC f/k/a Credit Suisse First Boston Management LLC, a Delaware limited liability company, Respondents. Federal Home Loan Bank of Seattle, Petitioner, v. Barclays Capital Inc., a Connecticut corporation; BCAP LLC, a Delaware limited liability company; and Barclays Bank PLC, a public limited company registered in England and Wales, Respondents.

Supreme Court of Washington.

Filed October 3, 2019.

Attorney(s) appearing for the Case

Matthew Aaron Carvalho , Yarmuth LLP, 1420 5th Avenue, Suite 1400, Seattle, WA 98101-3336, David Grais , Grais & Ellsworth LLP, 950 Third Avenue, 24th Floor, New York, NY 10022, for Petitioner.

Agnes Dunogue , Matthew Craner , Shearman & Sterling, LLP, 599 Lexington Avenue, New York, NY 10022, Paul Francis Rugani , Daniel J. Dunne, Jr. , Orrick Herrington & Sutcliffe LLP, 701 5th Avenue, Suite 5600, Seattle, WA 98104-7045, Barry Levin , 405 Howard Street, The Orrick Building, San Francisco CA 94105, Michael T. Reynolds , Richard J. Stark , Richard W. Clary , Lauren A. Moskowitz , Cravath, Swaine & Moore LLP, Worldwide Plaza, 825 Eighth Avenue, New York, NY 10019, Louis David Peterson , Brian Corker Free , Michael Jacob Ewart , Hillis Clark Martin & Peterson PS, 999 3rd Avenue, Suite 4600, Seattle, WA 98104-4084, for Respondents.

Kameron Andrew Hillstrom , Attorney at Law, 11021 Cramer Road Kp N, Gig Harbor WA 98329-5779, for Amicus Curiae (North America's Securities Administrators Association).

Sharon M. James , Ian S. McDonald , Chad Corwyn Standifer , Washington Attorney General's Office, P.O. Box 40100, 1125 Washington Street SE, Olympia, WA 98504-0100, for Amicus Curiae (State of Washington Department of Financial Institutions).

¶ 1 The question before the court is whether the Securities Act of Washington requires a plaintiff suing for a violation of RCW 21.20.010(2) to prove reliance. We hold that a plaintiff need not prove reliance to prevail under RCW 21.20.010(2). We therefore reverse the decisions of the Court of Appeals and remand to the trial court...

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