SIFMA Urges Second Circuit to Rehear FDIC Extender Statute Case

SIFMA filed an amicus curiae brief with the Second Circuit Court of Appeals asserting that (i) the FDIC "Extender Statute," 12 U.S.C. § 1821(d)(14), should not be expanded beyond the limited scope provided expressly by Congress. The brief was submitted in FDIC v. First Horizon Asset Securities.

SIFMA argued that the Second Circuit should grant a petition for a panel rehearing and rehearing en banc to conform the divided panel's decision to that of the Supreme Court's in CTS Corp. v. Waldburger, 134 S. Ct. 2175, 2189 (2014), which "enunciated clear and categorical principles" regarding whether (i) the Congressional extension of the "statute of limitations" for certain state law claims also extends the statutes of repose for any claims, and (ii) the "unambiguous" text of a Congressional statute should yield to a court's view of the purpose of the statute.