News & Analysis as of

Tolling

Third Circuit Holds That Statutes Of Limitation May Be Tolled By Books-And-Records Demands Under Delaware Law Despite Inquiry...

by Shearman & Sterling LLP on

On June 13, 2017, Chief Judge Smith of the United States Court of Appeals for the Third Circuit reversed in part the District Court’s dismissal of claims for breach of contract as untimely. Norman v. Elkin, No. 16-1924 (3d...more

Supreme Court Intensifies Timing Pressure on Federal Securities Claimants

by Benesch on

It is not uncommon for unnamed class members to opt out of the class when securities class actions veer toward settlement. They might deem the proposed settlement inadequate, and would prefer at that point to go it alone,...more

U.S. Supreme Court’s ANZ Decision Prohibits Tolling Of The Securities Act Of 1933’s Three -Year Statute Of Repose

by King & Spalding on

The Securities Act of 1933 prevents a securities purchaser from suing over an alleged material misstatement or omission in a registration statement more than three years after the offeringdate. A circuit split developed over...more

Supreme Court Limits The Time For Filing SA §11 Suits

by Dorsey & Whitney LLP on

The Supreme Court concluded that the three year limitation period applicable to Securities Act Section 11 claims cannot be extended or tolled. California Public Employees’ Retirement System v. Anz Securities, Inc., No. 16-373...more

Supreme Court Decides California Public Employees' Retirement System v. ANZ Securities, Inc., No. 16-373

by Faegre Baker Daniels on

On June 26, 2017, the United States Supreme Court decided California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373, holding that the three-year statute of repose in the Securities Act of 1933 cannot...more

Next Stop the Supreme Court?: Circuit Court Extends American Pipe Tolling to Preserve Class Claims

by Carlton Fields on

The Ninth Circuit recently held that plaintiffs whose claims were tolled during the pendency of two class actions were not time-barred from bringing a third related putative class action when the first two classes were not...more

If At First You Don’t Succeed: The Ninth Circuit Invites Successive Class Actions By Extending American Pipe Tolling To Absent...

In Resh v. China Agritech, No. 15-5543, 2017 U.S. App. LEXIS 9029 (9th Cir. May 24, 2017), a Ninth Circuit panel held that a pending putative class action in which class certification is ultimately denied tolls the statute of...more

Ninth Circuit Expands American Pipe Tolling to Subsequent Securities Class Action by Unnamed Class Members, but Leaves Related...

by Carlton Fields on

The Ninth Circuit in Resh v. China Agritech, Inc., No. 15-55432, 2017 WL 2261024 (9th Cir. May 24, 2017), revived the third successive putative shareholder class action against a fertilizer manufacturer after the district...more

Does FERC's Authority to Delegate Functions to Staff Survive the Loss of an Agency Quorum?

by Stinson Leonard Street on

On May 25th, the Senate Committee on Energy & Natural Resources will hold hearings on President Trump's nominations to fill two commissioner vacancies on the Federal Energy Regulatory Commission (FERC). If confirmed, the...more

Governor's Zika Virus Orders Extend Deadlines for Development Permits

by Holland & Knight LLP on

An opportunity to obtain substantial permit and development order extensions is available as a result of Emergency Orders issued by Florida Gov. Rick Scott because of the Zika virus. To date, holders of certain development...more

Additional Opportunity for Increased Extension of Building Permits and Development Orders: Interested parties must notify issuing...

by Bilzin Sumberg on

Due to Governor Scott's recent expansion of the State of Emergency issued for the Zika Virus, holders of permits and development orders have another opportunity to toll the period remaining to exercise rights under the permit...more

Update: Briefs Filed in CalPERS v. ANZ Securities

The Supreme Court is set to hear arguments on Monday in CalPERS v. ANZ Securities. Previously we provided a comprehensive overview of CalPERS’s brief. In anticipation of oral arguments, below we discuss the arguments raised...more

Stop The Tolling: Minnesota Supreme Court Rules That an Employee’s Internal Complaint Tolls the Statute of Limitations under the...

by Dorsey & Whitney LLP on

Under the MHRA, employees have one year to bring a discrimination claim (by filing a Charge of Discrimination with the Minnesota Department of Human Rights or by going directly to court). In a little-used provision, the...more

‘Home Improvement’ decision may provide tools for drafting, managing CAM in commercial leases

by Thompson Coburn LLP on

In California, commercial lease tenants typically pay a portion of the common area maintenance expenses or "CAM." Commercial leases also generally include the right of the tenant to audit the landlord's CAM statement each...more

DC Circuit Case May Test Continuing Validity of FERC Delegations of Authority to Agency Staff Once Its Quorum Disappeared

by Stinson Leonard Street on

On February 7 and March 7, 2017, we wrote about how the Federal Energy Regulatory Commission (FERC) is operating without a legal quorum of three members and how the lack of a quorum might affect the validity of FERC staff...more

Briefs Filed in CalPERS v. ANZ Securities

On February 27, 2017, the California Public Employees’ Retirement System (“CalPERS”) filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second...more

NC Legislative Update - March 2017 #2

by Nexsen Pruet, PLLC on

This Week - Final arguments were heard Tuesday for litigation brought by Gov. Cooper (D) over the legality of legislation passed late last year creating the Bipartisan State Board of Elections & Ethics Enforcement...more

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

"Near-Record Securities Litigation Filings Show No Signs of Slowing"

Plaintiffs filed 300 securities class actions in 2016 — a mark much higher than the annual average of 221 from 2011 to 2015 (as reported by NERA Economic Consulting). Indeed, the number of filings in 2016 was the...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

FCC Shot Clock Not Tolled by Applicant Delays or Vague Notice of Incompleteness, Court Finds

by Best Best & Krieger LLP on

A city granting an applicant’s request for a continuance of a public hearing over installation of a wireless tower is not a mutual agreement to toll the FCC’s “shot clock,” a federal court has ruled. In addition, a vague...more

"Inside the Courts: An Update from Skadden Securities Litigators"

We are pleased to present Inside the Courts (Volume 8, Issue 4), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

The Eighth Circuit Extinguishes Claims of Continuing Conduct in Propane Tank Conspiracy

Before plaintiffs could light the pilot on antitrust claims against two propane tank distributors, a split Eighth Circuit panel cut the gas. In doing so, the majority espoused a narrow view of the applicability of the...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

Pennsylvania Tax Developments - A Reed Smith Quarterly Update

by Reed Smith on

Is Pennsylvania bringing back its tax on “computer-related services”? Pennsylvania’s new “Netflix” tax (enacted as part of Act 84 of 2016) covers more than just digital downloads and streaming services. Effective August 1,...more

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