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19-422-0004Download

The U.S. Supreme Court granted the Collins Plaintiffs' and the government's petitions to review the Fifth Circuit's decision, and a copy of the High Court's order list dated yesterday is attached to this e-mail message.  The four questions the parties want the nine justices to answer are:

    (A) Whether FHFA’s structure violates the separation of powers;

    (B) Whether the courts must set aside a final agency action that FHFA took when it was unconstitutionally structured and strike down the statutory provisions that make FHFA independent;

    (C) Whether the statute’s anti-injunction clause, which precludes courts from taking any action that would “restrain or affect the exercise of powers or functions of the Agency as a conservator,” 12 U.S.C. 4617(f), precludes a federal court from setting aside the Third Amendment; and

    (D) Whether the statute’s succession clause -- under which FHFA, as conservator, inherits the shareholders’ rights to bring derivative actions on behalf of the enterprises -- precludes the shareholders from challenging the Third Amendment.

16-cv-03113-0066Download

Copies of letters dated yesterday alerting the Fifth Circuit and Judge Atlas the U.S. Supreme Court granted certiorari are attached to this e-mail message.