On December 13, 2010, Judge James Graham of the United States District Court for the Southern District of Ohio granted summary judgment, dismissing several claims brought against Credit Suisse Securities LLC by investors in asset-backed securities issued by National Century Financial Enterprises, Inc. The Court dismissed all claims arising under Ohio’s blue sky laws because, although National Century was an Ohio issuer, the securities were not offered for sale, purchased or sold in Ohio. The Court found that the application of Ohio’s state securities laws in these circumstances would violate the Commerce Clause of the United States Constitution. The Court, however, denied Credit Suisse’s argument that some plaintiffs lacked standing to sue because they no longer held the securities at issue, holding that rescission – the remedy sought by the plaintiffs – is a “purely personal remedy” and “generally not assignable.” Decision.