United States Court of Appeals for the Ninth Circuit reversed a lower court decision that stated the National Credit Union Administration (NCUA) had not filed its lawsuit in a timely manner.
According to the Appeals Court opinion, the Extender Statute of the Financial Institution Reform, Recovery and Enforcement Act of 1989 supplants the requirement that a lawsuit be brought with 3 years after the security was offered or sold under the Securities Act.
The decision will allow NCUA to pursue its lawsuit against Wachovia Trust and Nomura Home Equity over making false and misleading statements in their offerings of residential mortgage-backed securities purchased by the failed Western Corporate Federal Credit Union.
Read the opinion.
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