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Federal Housing Finance Agency v. Hsbc North America Holdings Inc.

United States District Court, S.D. New York

May 13, 2014

FEDERAL HOUSING FINANCE AGENCY, Plaintiff,
v.
HSBC NORTH AMERICA HOLDINGS INC., et al., Defendants, And other FHFA cases.

Philippe Z. Selendy, Christine H. Chung, Richard A. Schirtzer, Manisha M. Sheth QUINN EMANUEL URQUHART & SULLIVAN, LLP, New York, New York, Eric B. Bruce, Steven W. Perlstein, David McGill, Brad H. Samuels, KOBRE & KIM LLP, New York, New York, Kanchana Wangkeo Leung, KASOWITZ, BENSON, TORRES & FRIEDMAN LLP, New York, New York, for plaintiff FHFA.

Richard H. Klapper, SULLIVAN & CROMWELL LLP, New York, New York, for Goldman Sachs defendants.

Amanda F. Davidoff, SULLIVAN & CROMWELL, New York, New York, for Nomura defendants.

Reginald R. Goeke, Robert W. Hamburg, John M. Conlon, MAYER BROWN LLP, New York, New York, for HSBC defendants.

William T. Russell, Jr., SIMPSON THACHER & BARTLETT LLP, New York, New York, for RBS defendants.

OPINION & ORDER

DENISE COTE, District Judge.

The parties in these coordinated litigations dispute whether documents have been withheld properly on the ground of privilege. An Opinion of April 3, 2014 addressed claims related to the attorney-client and work product privileges, and in certain instances gave the parties the opportunity to make further submissions. This Opinion responds to those further submissions and addresses claims related to the invocation of the deliberative process and bank examination privileges by plaintiff, the Federal Housing Finance Agency ("FHFA").

I. Attorney-Client and Work Product Privileges

The April 3 Opinion ruled on certain documents and permitted RBS, Nomura, HSBC, and FHFA an opportunity to make further submissions in support of their invocations of the attorney-client or work product privileges regarding other documents. Rather than making a further submission, HSBC and FHFA have agreed to produce those documents. In a letter of April 11, RBS indicated that the challenged document related to a securitization in a case that has been settled and dismissed. Nomura made a supplemental submission on May 7.

Having reviewed the Nomura submission, it is hereby

ORDERED that Nomura may withhold the documents Nom-FHFA PRIV 01-13 as privileged.

IT IS FURTHER ORDERED that documents prepared for or by counsel for Nomura following its exit from the mortgage securitization business that reflect counsel's assessments of the legal merit of repurchase demands may be withheld.

II. Deliberative Process ...


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