Defendants invoke the Wagoner Rule, a Second Circuit doctrine holding that the Trustee lacks standing to assert claims predicated upon injury to creditors. In CarrAmerica Realty Corp. v. Nvidia Corp., 302 F. App'x 514, 517 (9th Cir. 2008), as amended (Jan. 22, 2009), as amended (Mar. 10, 2009), the Ninth Circuit declined to follow Wagoner:The Creditors argue that Trustee standing is barred under Shearson Lehman Hutton, Inc. v. Wagoner, 944 F.2d 114, 120 (2d Cir.1991) ('A claim against a third party for defrauding a corporation with the cooperation of management accrues to creditors, not to the guilty corporation.').

A claim of alter ego is one which belongs to the Estate. See, e.g., Carramerica Realty Corp. v. NVIDIA Corp., 302 Fed.Appx. 514, 516 (9th Cir. 2008) (“The trustee's standing to sue on behalf of the estate is exclusive; a debtor's creditors cannot prosecute such claims belonging to the estate unless the trustee first abandons such claims.”) citing Estate of Spirtos v. One San Bernardino County Superior Court Case Numbered SPR 02211, 443 F.3d 1172, 1175 (9th Cir. 2006); see also Davey Roofing, Inc., 167 B.R. 604, 608 (Bankr. C.D. Cal. 1994) (categorizing actions that injure

The courts of the Ninth Circuit have also rejected the Second Circuit's holding in Wagoner. Carramerica Realty Corp. v. NVIDIA Corp., 302 Fed. Appx. 514, 517 (9th Cir. 2008) ("The Creditors argue that Trustee standing is barred under [Wagoner]. However the Wagoner rule has been much criticized and we decline to follow it"); Donell v. Nixon Peabody LLP, 2012 U.S. Dist. LEXIS 126146, *12-13 (C.D. Cal. Sept. 5, 2012) ("the court declines to adopt the Wagoner rule and dismiss the Receiver's action for lack of standing"); Schneilling v. Thomas, 2005 U.S. Dist. LEXIS 6466, *27 n.2 (D. Nev. Apr. 1, 2005) ("The Second Circuit's application of imputation to a trustee has developed through that Circuit's use of imputation rules to determine whether a trustee has standing to pursue claims against third parties.

The courts of the Ninth Circuit have also rejected the Second Circuit's holding in Wagoner. Carramerica Realty Corp. v. NVIDIA Corp., 302 Fed. Appx. 514, 517 (9th Cir. 2008) ("The Creditors argue that Trustee standing is barred under [Wagoner]. However the Wagoner rule has been much criticized and we decline to follow it"); Donell v. Nixon Peabody LLP, 2012 U.S. Dist. LEXIS 126146, *12-13 (C.D. Cal. Sept. 5, 2012) ("the court declines to adopt the Wagoner rule and dismiss the Receiver's action for lack of standing"); Schneilling v. Thomas, 2005 U.S. Dist. LEXIS 6466, *27 n.2 (D. Nev. Apr. 1, 2005) ("The Second Circuit's application of imputation to a trustee has developed through that Circuit's use of imputation rules to determine whether a trustee has standing to pursue claims against third parties.

As the Receiver explains, however, the Ninth Circuit has never adopted the Wagoner rule, and expressly declined to follow it in an unpublished decision in 2008. See CarrAmerica Realty Corp. v. Nvidia Corp., 302 Fed. App'x. 514, 517 (9th Cir. 2008). As the Ninth Circuit panel also noted, "the Wagoner rule has been much criticized" outside of the Second Circuit. See, e.g.

This court, however, declines to adopt the Wagoner rule and will examine the in pari delicto defense separately from the issue of standing. See Nisselson v. Lernout, 469 F.3d 143, 150 (1st Cir. 2006) ("[T]he in pari delicto doctrine does not implicate a plaintiff's standing to sue, but, rather, constitutes an affirmative defense."); CarrAmerica Realty Corp. v. Nvidia Corp., 302 Fed.Appx. 514, 517 (9th Cir. 2008) ("[T]he Wagoner rule has been much criticized and we decline to follow it."). C. Credit Suisse's Additional Standing Argument

Defendants invoke the Wagoner Rule, a Second Circuit doctrine holding that the Trustee lacks standing to assert claims predicated upon injury to creditors. In CarrAmerica Realty Corp. v. Nvidia Corp.,302 Fed.Appx. 514, 517 (9th Cir.2008), as amended(Jan. 22, 2009), as amended(Mar.

Plaintiff has no standing to sue. See Carramerica Realty Corp. v. NVIDIA Corp., 302 Fed. Appx. 514, 516 (9th Cir. 2008) ("The debtor's 'causes of action' are 'property of the estate.'... The trustee's standing to sue on behalf of the estate is exclusive."). In addition, the Second Claim for Relief—for avoidance and recovery of fraudulent transfers pursuant to §544—is a type of action that, by the terms of the Bankruptcy Code, may be pursued only by Plaintiff's Chapter 7 Trustee, unless the Trustee assigns the claim for relief to another entity.