Mealey's (May 18, 2018, 2:59 PM EDT) -- WASHINGTON, D.C. — A Second Circuit U.S. Court of Appeals panel erred in ruling that the Housing and Economic Recovery Act of 2008 (HERA) “displaces” the statute of repose on certain state and federal securities laws because the ruling is in direct conflict with U.S. Supreme Court precedent, and review is necessary because clarification on the issues is “vital to the securities industry and financial markets,” the Securities Industry and Financial Markets Association (SIFMA) argues in an April 13 brief as amicus curiae in support of petitioners in an appeal of the ruling (Nomura Securities International Inc. v. Federal Housing Finance Agency, No. 17-1302, U.S. Sup., 2018 U.S. S. Ct. Briefs LEXIS 1559)....