Tolling

News & Analysis as of

No Equitable Extension of a Pennsylvania Oil and Gas Lease

Whoa! I didn’t see this one coming. Pennsylvania lessees are not entitled to an equitable extension of the primary term of an oil and gas lease in the face of a legal challenge to the validity of the lease....more

Amendments to Arizona’s Purchaser Dwelling Act Impact Residential Construction Claims

House Bill 2578, which amends the Purchaser Dwelling Act (“Act”) was signed into law by Governor Ducey on Monday, March 23, 2015. The Purchaser Dwelling Act sets forth a procedure for bringing claims for construction defects...more

The False Claims Act 2015: DOJ Policies and Judicial Decisions Likely to Lead to an Increase in FCA Claims

By all accounts, 2014 was a banner year in False Claims Act (FCA) enforcement, with the Department of Justice (DOJ) announcing a record $5.69 billion in FCA recoveries. 2015 promises to be an equally active year and is...more

2014 Year-End Securities Litigation Enforcement Highlights

In This Issue: - I. Supreme Court Cases Review - II. Securities Law Cases - III. Insider Trading Cases - IV. Settlements - V. Investment Adviser and Hedge Fund Cases - VI. CFTC Cases and...more

Pulling the Trigger on Motions for Reconsideration

Deciding when to file a motion for reconsideration in a civil case is tricky. Motions for reconsideration are called for in very limited circumstances, like new evidence or law, or clear error in the earlier decision. They...more

Ohio District Court Limits American Pipe Tolling Doctrine

The District Court for the Southern District of Ohio recently limited the American Pipe tolling doctrine in a fraud suit arising out of the sale of residential mortgage-backed securities (“RMBS”). Plaintiffs’ 2011 Ohio...more

Wolst v. Monster Beverage Corp., C.A. No. 9154-VCN (Del. Ch. Oct. 3, 2014) (Noble, V.C.)

In this letter opinion, the Court of Chancery entered judgment against a stockholder seeking books and records related to the denial of her demand that Monster Beverage Corporation bring litigation related to alleged insider...more

Delaware Chancery Rejects Books and Records Demand as Time-Barred

The Delaware Court of Chancery recently found that a shareholder’s demand for books and records was time-barred, as the alleged basis for a derivative action occurred nearly seven years ago and thus was well beyond any...more

American Pipe Tolling Inapplicable In Texas Negligent Misstatement Case

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

SEC ALJ Rules Revocations and Bars Are “Penalties” Subject to Five-Year Statute of Limitations in Section 2462

In 2013, the Supreme Court handed down an important ruling concerning the statute of limitations in civil enforcement actions in which the SEC seeks civil monetary penalties. In Gabelli v. SEC, the Justices unanimously ruled...more

White Collar Watch - August 2014

In This Issue: - Court of Appeals asked to clarify scope of Dodd-Frank Act whistleblower protections - Supreme Court to address circuit splits on wartime tolling and first-to-file bar - IRS amends...more

Supreme Court to address circuit splits on wartime tolling and first-to-file bar

The Supreme Court has agreed to hear an appeal which will likely reconcile an appellate split as to whether the Wartime Suspension of Limitations Act applies in False Claims Act cases and the first-to-file bar. ...more

Class Action Alleging Mortgage Kickback Captive Reinsurance Survives Dismissal Pending Discovery On Tolling Of Limitations

A court denied dismissal of a putative class action involving claims against Suntrust Bank subsidiaries and a captive reinsurer for an alleged illegal kickback scheme arising out of captive reinsurance covering Suntrust’s...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

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

Federal Court Addresses American Pipe Tolling, Finding Statute of Limitations on Class Claims Accrued Upon Forum Non Conveniens...

A Delaware federal district court granted defendants’ motion to dismiss plaintiffs’ claims on statute of limitations grounds, rejecting plaintiffs’ argument that the claims had been tolled under the principles of...more

New Plaintiffs’ Claims Dismissed From Morgan Stanley MBS Class Action

On May 27, Judge Laura Taylor Swain of the Southern District of New York granted Morgan Stanley’s motion for reconsideration and dismissed as time-barred claims brought by certain named plaintiffs (the New Plaintiffs) first...more

Survival of Reps and Warranties: Avoiding Unpleasant Surprises for Buyers

Survival of representations and warranties (“reps and warranties”) is among the staples of highly negotiated provisions in M&A purchase agreements. The length of the survival period limits the time during which claims may be...more

For Whom The Statute Tolls? A California Court Refuses Equitable Tolling For RMBS Claims

A recent decision dismissing an RMBS lawsuit in the Los Angeles County Superior Court highlights the critical importance of filing your claims in the correct court whenever there is a jurisdictional issue....more

Second Circuit Holds That EEOC Charge Does Not Toll State Law Tort Claims

Castagna v. Luceno, No. 13-0796-CV (2d Cir. Mar. 5, 2014): In a case of first impression, the Second Circuit Court of Appeals joined the Seventh and Ninth Circuits, and a majority of district courts, holding that filing...more

Narayanan v. British Airways: Ninth Circuit Says the Montreal Convention’s Statute of Limitations May Begin to Run Before Claim...

On March 19, 2014, the Ninth Circuit issued its ruling in Narayanan v. British Airways, No. 11-55870 (9th Cir. 2014), holding that the two-year statute of limitations set forth in Article 35(1) of the Montreal Convention...more

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

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

Orrick's Financial Industry Week in Review - March 17, 2014

On March 12, the Honorable Katharine B. Forrest of the United States District Court for the Southern District of New York ordered Fabrice Tourre, a former Goldman Sachs trader convicted of violation of federal securities...more

Does “Tolled” Mean “Suspended” Or “Extended” In §1367(D)?

Every day, complaints are filed in federal court with claims brought under both federal and state law. If the federal court dismisses or grants judgment on those claims that provide a basis for federal jurisdiction, it has...more

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

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

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