Discovery Rule

News & Analysis as of

7th Cir. Leaves Distressed-Asset Investor With No Remedy, or Exactly What it Bargained for

It’s rare that a party to a contract can breach it but not be liable for a remedy. Yet that’s precisely what happened last week in Southern Financial Group, LLC v. McFarland State Bank, No. 13-3378 (7th Cir. Aug. 15, 2014), a...more

Known Unknown: 7th Cir. Uses Heightened Discovery Rule for Wisconsin Businesses

In a case decided last Friday, KDC Foods v. Gray, Plant, Mooty, Mooty & Bennett, P.A., No. 13-3678 (7th Cir. Aug. 15, 2014), the Seventh Circuit warned companies not to expect much leeway from statutes of limitation under...more

In Search of Commercial Success

In Schott Gemtron Corporation v. SSW Holdings Company, Inc., IPR2014-00367, Paper 20 (August 13, 2014), the Board denied patent owner’s motion for additional discovery relating to commercial success. The Board noted the...more

Rumsfeld, Morrison and the Discovery Rule in Texas

In August 1999, Brock and Tipton signed a Farm and Ranch Contract by which Tipton would acquire 519 acres in Montague County. (Lots of Brocks were parties to the contracts and the suit. I refer to them as one for...more

Second Circuit Adopts Plaintiff-Friendly "Discovery Rule" for Copyright Infringement Claims

The Second Circuit has ruled in Psihoyos v. Wiley & Sons that the "discovery rule" determines when the statute of limitations begins to run in copyright infringement claims.[1] In doing so, the court adopted a rule that may...more

Psihoyos v. John Wiley & Sons, Inc.

Psihoyos v. John Wiley & Sons, Inc. - USCA Second Circuit, April 4, 2014: Second Circuit adopts “discovery rule” for accrual of copyright infringement claims, affirms dismissal of infringement claims with respect to...more

He Who Hesitates …

The adage “He who hesitates is lost” is particularly true in the world of civil litigation, where statutes of limitations dictate how much time you have to take legal action after an injury accident. Once that time is up, in...more

"Securities Litigation Landscape Continues to Evolve in 2014"

In 2013, the U.S. Supreme Court weighed in on significant securities litigation issues, including the fraud-on-the-market presumption and the SEC’s use of the discovery rule. With numerous important cases pending on topics...more

Court Of Chancery Holds That ‘Discovery Rule’ Cannot Toll Claims Beyond A Contractually Established Limitations Period

In ENI Holdings, LLC v. KBR Group Holdings, LLC, the Delaware Court of Chancery ruled that parties to a stock purchase agreement may shorten the limitations period for contractual recovery by way of a clause providing for the...more

Why Exxon Case Will Likely Become A Plaintiff Favorite

For decades, commentators have warned that California’s discovery rule exception has been swallowing statutes of limitations. See, e.g., Stephen V. O'Neil, Accrual of Statutes of Limitations: California's Discovery Exceptions...more

The Ropes Recap: Mergers & Acquisitions Law News

In this issue: - News from the Courts - Delaware Legislative Update - Notable Deals - News from the SEC - London Update - Asia Update - Deal Stat Snapshot -...more

Third Circuit Affirms Dismissal of Securities Class Action Against UBS

On September 17, the U.S. Court of Appeals for the Third Circuit affirmed the dismissal, as time-barred, of a class action brought by RMBS certificateholders against UBS over losses related to the RMBS. Filing suit in...more

North Carolina Statute of Repose Preempted by Superfund Discovery Rule

The United States Court of Appeals for the Fourth Circuit Court recently ruled that North Carolina’s statutes of repose and limitations is trumped by Superfund’s discovery rule, under which the limitation period for filing a...more

New Case Holds Sophisticated Parties May Contractually Waive the Delayed Discovery Rule Applicable to Actions for Latent...

In Brisbane Lodging, L.P. v. Webcor Builders, Inc., 216 Cal.App.4th 1249 (2013), a California appeals court upheld a contract clause waiving the delayed discovery rule applicable to actions for latent construction defects....more

View from Proskauer: The Supreme Court To Opine On The Use Of Contractual Limitation Periods in ERISA Plans

Last year, we reported on how the federal discovery rule – pursuant to which claims for benefits do not accrue until the participant could reasonably have discovered the claim – can require plans to defend the merits of dated...more

Case Allows Parties To Substantially Reduce Ten Year Statutory Exposure

In a case of first impression, the First Appellate District recently affirmed a judgment holding that standard AIA contract language, providing that all causes of action relating to the contract work accrue from the date of...more

What Is The Statute Of Limitations For Personal Injury In New Jersey?

Have you or someone you love been involved in an accident and suffered injury? If so and if you would like to take legal action against whoever is responsible for your condition, time may be running out....more

Another reason to coordinate discovery in parallel litigation – circumvention in section 1782 requests

The pressures of global litigation have forced litigants to further consider how, when, and where they will obtain discovery. Under developing case law, litigants involved in related litigations in different venues should...more

Supreme Court Holds SEC to Five-Year Statute of Limitations for Civil Enforcement Actions; Decision May Extend to Other Federal...

The Supreme Court recently rebuffed an attempt by the U.S. Securities and Exchange Commission (“SEC”) to gain more time to file actions to enforce civil penalties by invoking the “discovery rule.” In the case of Gabelli vs....more

Gabelli v. SEC: The Supreme Court Limits the Statute of Limitations for SEC Actions

In a recent unanimous decision, the U.S. Supreme Court held that the Securities Exchange Commission (SEC) has five years from the date when an alleged fraud begins – not from the date when the SEC uncovers the fraud – to...more

SEC Gets Five Years to Seek Civil Penalties for Fraud

On February 27, 2013, the U.S. Supreme Court decided that if the SEC wants to bring civil penalties against an investment adviser for fraud, there is a five-year statute of limitation period which starts to toll from the date...more

Supreme Court Denies SEC Extra Time to Bring Enforcement Actions for Civil Penalties

The US Supreme Court recently held that the Securities and Exchange Commission has five years from the date an alleged fraud occurs, not from the date of its discovery, to bring an enforcement action for civil penalties....more

U.S. Supreme Court Rejects SEC’s Bid For More Time To Bring Civil Fraud Enforcement Action

On February 27, the U.S. Supreme Court held that the clock on the five-year statute of limitations for the SEC to pursue civil fraud claims under the Investment Advisers Act begins to run when the fraud occurs, and not when...more

The Supreme Court Holds that the “Discovery Rule” Does Not Apply to SEC Enforcement Actions for Financial Penalties and Affirms...

In Gabelli v. SEC, No. 11-1274 (Feb. 27, 2013), a unanimous Supreme Court issued a much anticipated decision on the statute of limitations for civil enforcement actions in which the SEC seeks monetary penalties, fines or...more

Fraud and the “Discovery Rule” — Two Takeaways from The Supreme Court’s Recent Decision in Gabelli v. Securities and Exchange...

Fraud likes to hide. Which is why, since the 18th century, courts have held that a statute of limitations for fraud does not begin to run until the victim discovers the fraud. In Gabelli v. Securities and Exchange Commission,...more

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