FDIC-Strategic Capital Bank v Countrywide

SIFMA submitted an Amicus “Friend of the Court” Brief

Court:  

U.S. Court of Appeals

(Ninth Circuit)

Amicus Issues:  

Whether a putative class plaintiff can properly establish standing to bring claims on behalf of all purchasers of MBS sponsored or sold by a defendant, upon showing that the plaintiff purchased certificates backed by loans originated by the same originator as the certificates purchased by other class members, and the alleged misrepresentations or omissions are substantively similar, or whether doing so would improperly join the standing requirements of the Securities Act (and Article III of the Constitution) with the more liberal Rule 23 requirements concerned with ascertaining the adequacy of a representative plaintiff.

Counsel of Record:   

Cleary Gottlieb Steen & Hamilton LLP

Lewis J. Liman

Mitchell A. Lowenthal

Jared M. Gerber  

Other Amici:   

None.