CREF SOCIAL CHOICE ACCOUNT;  TIAA GLOBAL PUBLIC  INVESTMENTS, MBS LLC; TIAA-CREF  DURATION CORPORATE BOND  PORTFOLIO; PIMCO FUNDS: PRIVATE  ACCOUNT PORTFOLIO SERIES  DUTY OF INDEPENDENCE (In The Right Of The Trustee And On  Behalf Of The Trusts Against HSBC) ............................................................................ 152  FOURTH CAUSE OF ACTION  BREACH OF FIDUCIARY DUTY – DUTY  OF CARE (In The Right Of The Trustee And On Behalf Of The Trusts  Against HSBC) ............................................................................................................... 154  FIFTH CAUSE OF ACTION  NEGLIGENCE – DUTY OF CARE (In The Right  Of The Trustee And On Behalf of the Trusts Against HSBC) ....................................... 156  OF POST-DEFAULT DUTY OF INDEPENDENCE (In The Right Of  The Trustee And On Behalf Of The Trusts Against HSBC) .......................................... 158  XIX.  CLASS ACTION ALLEGATIONS ............................................................................... 160  XX.  PORTFOLIO SERIES EMERGING  MARKETS PORTFOLIO; PIMCO  FUNDS: PRIVATE ACCOUNT  PORTFOLIO SERIES SHORT-TERM  PORTFOLIO; PIMCO GLOBAL CREDIT  OPPORTUNITY MASTER FUND LDC;  Trustee And On Behalf Of The Trusts Against HSBC) ................................................. 142  SECOND CAUSE OF ACTION  VIOLATION OF THE TRUST INDENTURE  ACT OF 1939, 53 STAT. 1171 (In The Right Of The Trustee And On  Behalf Of The Trusts Against HSBC) ............................................................................ 149  VII.  BACKGROUND - THE TRUSTEE’S ROLE AS GATEKEEPER IN THE  SECURITIZATION PROCESS ....................................................................................... 34 