SIFMA Files Amicus Brief in FDIC Case Involving Extender Statute

SIFMA filed an amicus curiae brief with the Second Circuit Court of Appeals urging affirmation of a Southern District of New York decision dismissing the FDIC's Securities Act claims that were brought in reliance on the argument that the "FDIC Extender Statute," 12 U.S.C. § 1821(d)(14), should apply to the statutes of repose in Section 13 of the Securities Act.

The SIFMA brief argues that the FDIC Extender Statute does not apply to the Securities Act claims because the FDIC Extender Statute is limited to "statutes of limitation" in state common law contract and tort claims and not applied to "statutes of repose" under, inter alia, the Securities Act.