U.S. Court of Appeals for the Second Circuit.
The U.S. Court of Appeals for the Second Circuit has upheld a district judge’s decision to bar an independent federal agency that regulates federal credit unions from bringing legacy breach of fiduciary duty claims on $6.8 billion in mortgage-backed securities certificates it inherited when the housing bubble burst a decade ago.
The panel—composed of Circuit Judges José Cabranes and Susan Carney, with U.S. District Judge Valerie Caproni of the Southern District of New York, sitting by designation—affirmed an order from Southern District Judge Katherine Forrest that dismissed a lawsuit filed by the National Credit Union Administration for lack of standing. The panel also affirmed Forrest’s decision to deny the agency a chance to rework its second amended complaint.
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