The Clearing House (TCH) joined SIFMA in a brief to the Second Circuit in Retirement Board of the Policemen’s Annuity & Benefit Fund v. Bank of New York Mellon. The Associations argue that the Trust Indenture Act of 1939 (TIA) does not apply to mortgage pass-through certificates, and that certificateholders may not assert contract, TIA and fiduciary claims with respect to securities that they did not themselves purchase.