U.S. Supreme Court (petition for writ of cert.)
Whether the court of appeals erred by construing a provision of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), 12 U.S.C. 1821(d)(14)(A) – which extends the “statute of limitations” for certain “contract” or “tort” claims brought by the Federal Deposit Insurance Corporation (FDIC) as the receiver of a failed bank, but says nothing of statutes of repose, which place an outer limit on the right to bring a civil action and have different purposes and objectives than statutes of limitation – to not only to extend statutes of limitation, but
also to impliedly displace the three-year statute of repose in Section 13 of the Securities Act of 1933, 15 U.S.C. 77m, so as to allow the FDIC, standing in the shoes of a failed bank, to bring securities claims that had been extinguished by the Securities Act’s statute of repose.
Counsel of Record:
Kramer Levin Naftalis & Frankel LLP
Michael J. Dell