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FDIC v. Chase Mortg. Fin. Corp.

United States District Court, S.D. New York

September 2, 2014

FEDERAL DEPOSIT INSURANCE CORPORATION AS RECEIVER FOR COLONIAL BANK, Plaintiff,
v.
CHASE MORTGAGE FINANCE CORP., et al, Defendants

Decided Date: August 29, 2014

For Federal Deposit Insurance Corporation As Receiver For Colonial Bank, Plaintiff: David J. Grais, Leanne Marie Wilson, Maria Heifetz, Mark Benjamin Holton, Michael Martin Pomerantz, Grais & Ellsworth LLP, New York, NY.

For First Horizon Asset Securities Inc., First Horizon Home Loan Corporation, FTN Financial Securities Corp., Defendants: Bruce Edward Clark, LEAD ATTORNEY, Kathleen Suzanne McArthur, Sullivan & Cromwell, LLP(NYC), New York, NY; Amanda Flug Davidoff, Sullivan & Cromwell LLP (Washington DC), Washington, DC.

For Credit Suisse Securities (USA) LLC., Defendant: Julie A North, Lauren Ann Moskowitz, Michael T Reynolds, Richard W Clary, Richard J Stark, LEAD ATTORNEYS, Lillian S. Grossbard, Cravath, Swaine & Moore LLP, New York, NY.

For Deutsche Bank Securities Inc., RBS Securities Inc., Defendants: Andrew Tyler Frankel, LEAD ATTORNEY, Sidley Austin LLP (NY), New York, NY; Thomas C. Rice, LEAD ATTORNEY, Abigail Whitney Williams, Alexandra Carrington Pitney, Isaac Martin Rethy, Kimberly Ann Hamm, Simpson Thacher & Bartlett LLP (NY), New York, NY.

For HSBC Securities (USA) Inc., Defendant: Michael Orth Ware, LEAD ATTORNEY, Charles Salem Korschun, Mark Hanchet, Mayer Brown LLP, New York, NY.

For UBS Securities LLC., Defendant: Bruce Edward Clark, Sullivan and Cromwell, LLP(NYC), New York, NY; Amanda Flug Davidoff, Sullivan & Cromwell LLP (Washington DC), Washington, DC.

For Wells Fargo Asset Securities Corporation, Defendant: Marc T.G. Dworsky, LEAD ATTORNEY, Munger, Tolles & Olson LLP (LA), Los Angeles, CA; Achyut J. Phadke, David Halleck Fry, PRO HAC VICES, Munger, Tolles & Olson LLP (SF), San Francisco, CA; Erin Joan Cox, James Christopher Rutten, PRO HAC VICES, Munger, Tolles & Olson LLP (LA), Los Angeles, CA; Katherine Candis Clark, Sandra Dawn Grannum, Davidson & Grannum, LLP, Orangeburg, NY; Thomas Octavian Jacob, PRO HAC VICE, Wells Fargo & Co., San Francisco, CA.

OPINION AND ORDER

Louis L. Stanton, United States District Judge.

This action is brought by the Federal Deposit Insurance Corporation (the " FDIC" ), as receiver for Colonial Bank (" Colonial" ), for violations of the Securities Act of 1933, 15 U.S.C. § 77a et seq. (the " 1933 Act" ), based on alleged misstatements made in connection with Colonial's purchase of securities issued or underwritten by defendants.

Under the 1933 Act, " In no event shall any such action be brought to enforce a

Page 575

liability created under section 77k or 77l(a) (1) of this title more than three years after the security was bona fide offered to the public, or under section 77l(a) (2) of this title more than three years after the sale[,]" 15 U.S.C. § 77m.

The securities at issue in this action were offered to the public in 2006 and 2007, and purchased by Colonial in the summer and fall of 2007. Colonial subsequently failed, and the FDIC was appointed receiver on August 14, 2009. The FDIC filed the instant complaint on August 10, 2012.

The FDIC maintains that its claims are timely under the following provision of the Financial Institutions Reform, Recovery, and Enforcement Act (" FIRREA" ), 12 U.S.C. § 1821 et seq.:

(14) Statute of limitations for actions brought conservator or receiver

(A) In general
Notwithstanding any provision of any contract, the applicable statute of limitations with regard to any action brought by the Corporation as conservator or receiver shall be--
(i) in the case of any contract claim, the longer of--
(I) the 6-year period beginning on the date the claim ...

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