The last time a group of big banks asked the U.S. Court of Appeals for the Second Circuit to rule that a federal agency’s mortgage-backed securities claims were barred by the statute of repose, the resulting loss helped trigger a string of settlements worth more than $20 billion to the Federal Housing Finance Agency. The banks fared no better in litigation brought by the National Credit Union Administration, losing a parallel ruling in the Tenth Circuit.
The defendants, however, haven’t stopped making the argument that the agencies’ federal securities claims are time-barred. Now a half-dozen banks are finally back before the Second Circuit—this time fighting claims brought by the Federal Deposit Insurance Corporation—and unlike the last appeal, they have at least two lower court rulings and a U.S. Supreme Court decision on their side.
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