Steed Finance LDC, Plaintiff-Appellant, v. Nomura Securities International, Inc., Nomura Asset Capital Corporation and Asset Securitization Corporation, Defendants-Appellees., 148 Fed. Appx. 66

Summary

With respect to appellant's claim that appellees misrepresented or omitted risks associated with government investigations into a doctor and a hospital, the district court correctly determined that the record conclusively established that appellant had access to the critical disclosure documents and, specifically, to the hospital's asset summary report. The disclosures in that report were sufficient. As for appellant's allegation that appellees misrepresented a loan's qualification as a Real Estate Mortgage Investment Conduit, the district court correctly granted summary judgment because appellant failed to provide sufficient evidence that would enable a jury to conclude that appellees had the scienter required for such a claim. Since summary judgment was proper on appellant's 15 U.S.C.S. § 78j(b) and 17 C.F.R. § 240.10b-5 claims, summary judgment was proper with respect to appellant's 15 U.S.C.S. § 78t(a) claim since it depended on a primary violation by a controlled person. ...