US Supreme Court: Securities Act’s 3-year statute of repose is not subject to equitable tolling, providing greater certainty to underwriters.
Key Points:
..Case has significant implications for financial Institutions that serve as underwriters to securities offerings.
..The Court explained that policy arguments are irrelevant when the statutory language is clear, as the Court “lacks the authority to rewrite the statute.”
..The Court determined that the statute of repose’s purpose to provide defendants with protection after a certain time distinguishes between class suits and individual suits.
Please see full publication below for more information.
