FDIC v. First Horizon Asset Securities, Inc., No. 14-3648 (2d Cir. 2016)
Annotate this CaseThe FDIC filed suit under the Securities Act of 1933, 15 U.S.C. 77a et seq., as receiver for Colonial. The complaint was timely under the terms of the FDIC Extender Statute, 12 U.S.C. 1821(d)(14)(A), because it was filed less than three years after the FDIC was appointed receiver. However, because the complaint was filed more than three years after the securities at issue were offered to the public, it would be untimely under the terms of the Securities Act’s statute of repose, 15 U.S.C. 77m. In Federal Housing Finance Agency v. UBS Americas Inc., the court held that a materially identical extender statute for actions brought by the FHFA did displace the Securities Act’s statute of repose. The court concluded that UBS remains good law and that, under UBS, the FDIC's complaint was timely. Therefore, the court vacated the district court's judgment and remanded for further proceedings.
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.