TCH and SIFMA filed an amicus brief supporting defendants’ appeal in FHFA v. Nomura Holding America Inc. The brief supports defendant’s argument that the Extender Statute should be construed in accordance with its plain language and the Supreme Court's prior rulings and thus should not apply to statutes of repose, federal claims, or statutory claims (whether federal or State). The brief also supports defendant’s arguments that the district court misapplied the "reasonable care" and "loss causation" defenses under federal and state securities laws, which, if upheld, would impose unprecedented risks and burdens not contemplated by those statutes.