N.J. Carpenters Health Fund. v. NovaStar Mortgage

SIFMA submitted an Amicus “Friend of the Court” Brief.

Court:

U.S. Court of Appeals

(Second Circuit)

Amicus Issue:

(1) Whether plaintiffs are permitted to bring claims on behalf of a putative class of investors who purchased residential mortgage-backed securities (RMBS) certificates in different offerings than fellow plaintiffs purchased, if the offerings shared the same registration statement.  (2) Whether an RMBS investor can state a claim for relief under Sections 11, 12, and 15 of the Securities Act by pleading general allegations of loan delinquencies and certificate downgrades, together with allegations of general industry practices that are not tied to the offerings at issue.

Counsel of Record: 

Vinson & Elkins L.L.P.

Steven R. Paradise

Michael V. Rella

Lauren E. Leahy

Other Amici:

None.