On January 21st, the First Circuit cautiously reinstated plaintiffs' securities fraud claims against those trusts from which plaintiffs actually purchased mortgage-backed securities trust certificates. Plaintiffs stated claims against those defendants for making misleading statements concerning the lending banks' underwriting practices. The First Circuit affirmed the dismissal of claims against the credit rating agencies and against those defendants who cannot be liable to plaintiffs on any claim. Plumbers' Union Local No. 12 Pension Fund v. Nomura Asset Acceptance Corp.