This is a brief I prepared to oppose certiorari in securities litigation before the U.S. Supreme Court. Petitioners sought review of a Ninth Circuit decision construing the statute of limitations in an action under Section 10(b). While the petition remained pending, the Supreme Court decided a similar set of issues in Merck & Co. v. Reynolds, 559 U.S.____, 130 S.Ct. 1784, 176 L.E.2d 582 (2010). The Court in Merck ruled in favor of the investors on the statute of limitations question. Just like the Ninth Circuit, the Supreme Court held that the statute did not begin to run until "the plaintiff did discover or a reasonably diligent plaintiff would have 'discover[ed] the facts constituting the violation.' - whichever comes first." Merck, 130 S.Ct. at 1798. And the Court ruled that "facts showing scienter are among those that 'constitut[e] the violation." Id. at 1707. Shortly after the Supreme Court issued its decision in Merck, the Court resolved the Betz appeal by summary disposition. The Court granted Petitioner's petition, vacated the judgment and remanded the case to the Ninth Circuit for further consideration in light of Merck. Trainer Wortham & Company, Inc. v. Betz, 78 U.S.L.W. 3672 (May 3, 2010).