NEW JERSEY CARPENTERS v. ROYAL BANK OF SCOTLAND

Docket No. 12-1707-cv.

709 F.3d 109 (2013)

NEW JERSEY CARPENTERS HEALTH FUND, on behalf of itself and all others similarly situated, Plaintiff-Appellant, v. The ROYAL BANK OF SCOTLAND GROUP, PLC, Greenwich Capital Holdings, Inc., Greenwich Capital Markets, Inc., dba RBS Greenwich Capital, Wachovia Capital Markets, LLC, sued herein as Wachovia Securities, LLC, Deutsche Bank Securities, Inc., NovaStar Mortgage Funding Trust, Series 2006-3, NovaStar Mortgage Funding Trust, Series 2006-4, NovaStar Mortgage Funding Trust, Series 2006-5, NovaStar Mortgage Funding Trust, Series 2006-6, NovaStar Mortgage Funding Trust, Series 2007-1, NovaStar Mortgage Funding Trust, Series 2007-2, NovaStar Mortgage Funding Corporation, Scott F. Hartman, Gregory S. Metz, W. Lance Anderson, Mark A. Herpich, NovaStar Mortgage Inc., RBS Securities, Inc., Wells Fargo Advisors, LLC, fka Wachovia Securities LLC, Defendants-Appellees, Moodys Investors Service, Inc., The McGraw-Hill Companies, Inc., Defendants.

United States Court of Appeals, Second Circuit.

Decided: March 1, 2013.


Attorney(s) appearing for the Case

Joel P. Laitman ( Michael Eisenkraft , Christopher Lometti , on the brief), Cohen Milstein Sellers & Toll, New York, N.Y., for Plaintiff-Appellant.

Thomas C. Rice ( Alan C. Turner , on the brief), Simpson Thacher & Bartlett LLP, New York, N.Y., for Defendants-Appellees The Royal Bank of Scotland Group, PLC, Greenwich Capital Holdings, Inc., Greenwich Capital Markets, Inc., Wachovia Capital Markets, LLC, Deutsche Bank Securities, Inc., RBS Securities, Inc., Wells Fargo Advisors, LLC.

William F. Alderman ( Steven J. Fink , on the brief), Orrick, Herrington & Sutcliffe LLP, San Francisco, CA, for Defendants-Appellees NovaStar Mortgage Funding Trust, Series 2006-3, NovaStar Mortgage Funding Trust, Series 2006-4, NovaStar Mortgage Funding Trust, Series 2006-5, NovaStar Mortgage Funding Trust, Series 2006-6, NovaStar Mortgage Funding Trust, Series 2007-1, NovaStar Mortgage Funding Trust, Series 2007-2, NovaStar Mortgage Funding Corporation, Scott F. Hartman, Gregory S. Metz, W. Lance Anderson, Mark A. Herpich, NovaStar Mortgage Inc.

David R. Stickney , Ann M. Lipton , Bernstein Litowitz Berger & Grossman LLP, San Diego, CA, for Amicus Curiae National Association of Shareholder and Consumer Attorneys, in support of Plaintiff-Appellant.

David C. Frederick , Wan J. Kim , Gregory G. Rapawy , Kellogg Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, D.C., for Amicus Curiae National Credit Union Administration Board, in support of Plaintiff-Appellant.

Steven R. Paradise , Michael V. Rella , Lauren E. Leahy , Vinson & Elkins L.L.P., New York, N.Y., for Amicus Curiae Securities Industry and Financial Markets Association, in support of Defendants-Appellees.

Before: KATZMANN, PARKER, and WESLEY, Circuit Judges.


KATZMANN, Circuit Judge:

This case requires us to determine whether the Plaintiff-Appellant, New Jersey Carpenters Health Fund ("the Fund"), has stated plausible claims under §§ 11 & 12(a)(2) of the Securities Act of 1933 ("the '33 Act"), 15 U.S.C. § 77a et seq. Subject to certain enumerated exceptions, §§ 11 & 12(a)(2) of the '33 Act impose liability whenever a security's registration statement or prospectus contains a material...

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