News & Analysis as of

Statute of Limitations Discovery Rule

Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period... more +
Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -

Second Circuit Affirms $800 Million Judgment Under Securities Act And Certain State "Blue Sky" Laws, Addressing A Variety Of...

by Shearman & Sterling LLP on

On September 28, 2017, the United States Court of Appeals for the Second Circuit affirmed a judgment, entered after a bench trial by Judge Denise Cote of the United States District Court for the Southern District of New York,...more

SDNY Judge Adheres To Prior Ruling That Discovery Rule Applies To Securities Act Statute Of Limitations

by Shearman & Sterling LLP on

On July 28, 2017, Judge Victor Marrero of the United States District Court of the Southern District of New York denied a motion for reconsideration of an earlier decision declining to dismiss as untimely a putative class...more

The U.S. Supreme Court Puts S.E.C. Disgorgement Actions on the Clock

by Miller Canfield on

The U.S. Supreme Court continues to limit the timeframe in which the U.S. Securities and Exchange Commission (“S.E.C.”) can seek to levy monetary penalties in enforcement actions it brings against violators of the federal...more

Discovery Rule is Better Accrual Standard for Antitrust Claims

by Zelle LLP on

The Clayton Act creates a federal civil cause of action for anti-competitive business practices. The act as originally passed in 1914, however, did not include a statute of limitations. Thus, for approximately 40 years,...more

Texas Court of Appeals Rules That Mere Suspicions of Trade Secret Misappropriation Are Insufficient to Trigger the Discovery Rule

by Seyfarth Shaw LLP on

Applying new Texas Supreme Court precedent, a Texas Court of Appeals recently held that a six-year-old cease-and-desist letter alleging trade-secret misappropriation did not constitute proof of knowledge for purposes of the...more

Supreme Court to Review SEC Enforcement Limitations

by Burr & Forman on

On Friday, January 13, the Supreme Court granted certiorari to resolve a Circuit split on the extent to which SEC enforcement actions are restricted by the five-year statute of limitations in 28 U.S.C. § 2462. Section...more

Don’t Underestimate the Statute of Limitations

by Reed Smith on

As we hurtle into the holiday season, we are reminded that good things often come in small packages. That certainly was the case in a one-and-a-half-page opinion that the Ninth Circuit filed last week in a prescription...more

Toxic Tort and Environmental Litigation: Applying the Toxic Tort Statute of Limitations (6/16)

Toxic tort cases may involve claims of injuries arising months or years after the date of alleged exposure. A recent Appellate Division Third Department decision addressed the application of the toxic tort statute of...more

New Jersey Appellate Court Holds Condo Association’s Cause of Action Accrued After Unit Owners Took Control of Board, Not Upon...

In the Palisades at Fort Lee Condo. Ass’n v. 100 Old Palisade, Llc, et. al., No. A-4292-13T3, 2016 N.J. Super. Unpub. LEXIS 193, a New Jersey appellate court held that the six-year statute of limitations did not bar a...more

Massachusetts Court Refuses to Apply Discovery Rule to Commencement of the Suit Limitations Period

by Cozen O'Connor on

Monday, in Nurse v. Omega U.S.  Insurance., Inc., 2015 Mass. App. LEXIS 158, 2015 WL 5774390 (Mass.App., Oct. 5, 2015), a unanimous panel of Massachusetts’ intermediate level appellate court held that the two-year suit...more

Jury Must Decide Whether Facts Exist to Suspend the Accrual of the Statute of Limitations Under The Discovery Rule

by Low, Ball & Lynch on

Ismael Rosas v. BASF Corporation, et al. - Court of Appeal, Second Appellate District, Division Five (May 21, 2015) - he general rule regarding statutes of limitation is that they do not begin to run until a cause...more

Wis. Supreme Court Applies the Discovery Rule to Accrual of Wrongful Death Claims

by Foley & Lardner LLP on

On June 24th, Wisconsin’s supreme court decided that the discovery rule—that is, the rule that a tort claim for which the legislature has provided no other rule “accrues” for statute-of-limitations purposes when the plaintiff...more

New Jersey Supreme Court Rules No Time Bar for Spill Act Contribution Claims

by Wilson Elser on

In a unanimous decision on January 26, 2015, the Supreme Court of New Jersey, in Morristown Associates v. Grant Oil Co., overturned two lower-court decisions and held that the six-year statute of limitations for damage to...more

November 2014: Class Action Litigation Update

Class Action Defense Menu: Statutes of Limitations Served Two Ways. The statute of limitations is an underutilized but potentially potent defense in many consumer class actions. The defense can be raised two ways. First, as...more

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

by Foley & Lardner LLP on

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

Rumsfeld, Morrison and the Discovery Rule in Texas

by Gray Reed & McGraw on

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

The Ropes Recap: Mergers & Acquisitions Law News

by Ropes & Gray LLP on

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

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

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

by Cozen O'Connor on

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

by Holland & Knight LLP on

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

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