Federal Deposit Insurance v. First Horizon Asset Securities, Inc.

The FDIC Extender Statute, 12 U.S.C. § 1821(d)(14), extends “statute[s] of limitations” -under “State law” for certain- “contract” and “tort” claims, and' it says nothing whatsoever about- statutes of repose. Nonetheless, the majority opinion interprets this statute to impliedly repeal federal and state statutes of repose, including the statute of repose in the Securities Act of 1933, one of its key provisions. That result is not grounded in the text of the Extender Statute. Instead, it is extrapolated from our court’s decision in FHFA v. UBS Americas Inc., 712 F.3d 136 (2d Cir.2013), where…