News & Analysis as of

American Pipe & Construction Co. v. Utah

Securities and Structured Finance Litigation Update - March 2017

Continuing Circuit Split Puts “Tolling” of Statutes of Repose Back on U.S. Supreme Court’s Agenda. The U.S. Supreme Court is again set to weigh in on the reach of its decision in American Pipe & Construction Co. v. Utah, 414...more

2016 Securities and M&A Litigation Year in Review

Wilson Sonsini Goodrich & Rosati is pleased to present its 2016 Securities and M&A Litigation Year in Review. This report covers some of the major developments in securities and M&A litigation over the past year....more

The Supreme Court Will Review Whether Putative Class Actions Toll the Statute of Repose for Class Members’ Individual Securities...

by BakerHostetler on

On January 13, 2017, the Supreme Court granted certiorari in California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373 (ANZ Securities), to resolve whether the filing of a putative class action tolls...more

Supreme Court to Hear Class Action Cases Involving Class Action Waivers and Tolling of Statutes of Limitations

The U.S. Supreme Court recently granted certiorari in class action cases involving: (1) class action waivers in employment contracts; and (2) whether filing of a securities class action tolled a statute of repose. In both...more

No Repose for Debate on Applicability of American Pipe Tolling

by Carlton Fields on

In its seminal 1974 American Pipe opinion, the Supreme Court held that the commencement of a class action tolls the applicable statutes of limitation as to all putative class members who would have been parties had the class...more

Two Recent Second Circuit Decisions Provide Opportunity for Supreme Court to Address Whether American Pipe Tolling Extends to...

by Shearman & Sterling LLP on

The tolling rule established by the Supreme Court in American Pipe & Construction Co. v. Utah generally provides that the commencement of a class action in federal court suspends the applicable statute of limitations for all...more

Your daily dose of financial news - The Brief – 7.15.16

by Robins Kaplan LLP on

The 2d Circuit’s nixed a bid by investment fund SRM Global Master Fud LP to revive its $200 million securities fraud suit against Bear Stearns and Deloitte over alleged lies about Bear’s pre-collapse financial health. The...more

6th Cir.: American Pipe Doesn’t Toll Statutes of Repose

by Burr & Forman on

Affirming dismissal of some lingering Morgan Keegan bond fund actions, the Sixth Circuit joined the Second in holding that American Pipe class-action tolling does not affect the expiration of a statute of repose. The Court...more

American Pipe Tolling Inapplicable In Texas Negligent Misstatement Case

by Carlton Fields on

The Southern District of Texas found that negligent misstatement claims filed more than two years after the last alleged misstatement were time-barred and that the applicable statute of limitations was not tolled under...more

July 2014: Securities and Structured Finance Litigation Update

U.S. Supreme Court to Review Tolling of Securities Act Claims. In Police & Fire Retirement System of the City of Detroit v. IndyMac MBS, Inc. 721 F.3d 95 (2d Cir. 2013) (“IndyMac”), the Second Circuit addressed the reach of...more

Amended Class Definition That Excludes Putative Class Member Does Not Preclude American Pipe Tolling

by Carlton Fields on

The Eastern District of Michigan recently held that certain claims of a putative class member were tolled under American Pipe & Constr. Co. v. Utah., 414 U.S. 538 (1974), even though the named plaintiff had unsuccessfully...more

Supreme Court to Review Second Circuit’s Decision that American Pipe Tolling Does Not Apply to the Securities Act’s Three-Year...

by Shearman & Sterling LLP on

The Supreme Court of the United States has granted certiorari in Public Employees’ Retirement System of Mississippi v. IndyMac MBS, Inc., taking up an issue that affects the management of class action securities litigation....more

This Week In Securities Litigation (Week ending March 14, 2014)

by Dorsey & Whitney LLP on

The Supreme Court agreed to hear another securities class action case next term. The issue to be considered is whether tolling applies to a statute of repose, Securities Act Section 13....more

"Inside the Courts: Supreme Court Agrees to Review American Pipe Tolling Issue"

This morning, the Supreme Court granted the writ of certiorari in Public Employees Retirement System of Mississippi v. IndyMacMBS, Inc. The petition raises an issue regarding the application of American Pipe tolling to claims...more

The Smack Of IndyMac: Second Circuit’s Decision In IndyMac Creates Palpable Effect In SDNY

As noted in a previous blog, in Police & Fire Retirement Systems of City of Detroit v. IndyMac MBS, Inc., 721 F.3d 95 (2d Cir. 2013), the Second Circuit held that tolling under American Pipe – which plaintiffs had often used...more

Second Circuit Rejects the Application of American Pipe's Tolling Rule and Rule 15(c)'s "Relation Back" Doctrine to the Three-Year...

In In re IndyMac Mortgage-Backed Securities Litigation, No. 11-2998-CV, 2013 WL 3214588 (2d Cir. June 27, 2013), the United States Court of Appeals for the Second Circuit held that the tolling rule established by the United...more

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