News & Analysis as of September 19, 2024

Statute of Repose

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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 -

U.S. District Court Holds that Certain Claims by Opt-Out Plaintiffs Are Barred by the Statute of Repose

Mintz - Securities Litigation Viewpoints on 10/10/2018

In a recent ruling in In re: BP p.l.c. Securities Litigation the United States District Court for the Southern District of Texas dismissed claims asserted by opt-out plaintiffs as time barred by the Exchange Act’s statute of...more

United States Supreme Court Considers Application Of American Pipe Tolling To Subsequent Class Actions

A&O Shearman on 4/3/2018

On Monday, March 26, 2018, the United States Supreme Court heard oral argument in an appeal that presents the question whether American Pipe tolling—which provides that the pendency of a class action generally tolls the...more

For Whom the Pipe Tolls: SCOTUS to Decide Whether American Pipe Tolling Applies to “Piggyback” Class Actions

Bradley Arant Boult Cummings LLP on 12/14/2017

Federal courts generally agree that when certification of a class action is denied or the case is dismissed, the statute of limitations on the claim asserted on behalf of the would-be class is deemed to have been tolled...more

The U.S. Supreme Court Grants Class Defendants’ Petition For Certiorari In Ninth Circuit American Pipe Tolling Case (Resh V. China...

Kilpatrick on 12/14/2017

As we discussed at length last June [Ninth Circuit extends tolling doctrine to allow successive class actions, subject only to preclusion and “comity” defenses], the Ninth Circuit in Resh v. China Agritech, Inc., 857 F.3d...more

Supreme Court Decision Imposes Strict Filing Deadline on Civil Actions Related to Securities Offerings

Eversheds Sutherland (US) LLP on 8/25/2017

On June 26, 2017, the United States Supreme Court issued its opinion on California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373, ruling that actions involving securities offerings and sales are...more

The Supreme Court Indirectly Stiffens A Fiduciary Breach Time Limit And Helps ERISA Fiduciaries In The Process

Seyfarth Shaw LLP on 7/24/2017

Seyfarth Synopsis: The Supreme Court appears to have barred equitable tolling under ERISA Section 413’s six-year statute of repose for fiduciary breach claims, subject only to well-pled allegations and proof of fraud or...more

SCOTUS Upholds Strict Statute of Repose on Federal Section 11 Securities Claims

Perkins Coie on 7/11/2017

In a 5-4 decision in California Public Employees’ Retirement System (CalPERS) v. ANZ Securities, Inc., et al. (No. 16-373), 582 U.S. ___ (2017), the U.S. Supreme Court upheld, at the end of last month, a U.S. Court of Appeals...more

Tolling Securities Claims: “In No Event” Means ... What It Says

Latham & Watkins LLP on 7/11/2017

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...more

U.S. Supreme Court Rejects Application Of American Pipe Tolling To Statutes Of Repose

Kilpatrick on 7/7/2017

Takeaway: In California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373, 2017 WL 2722415 (U.S. June 26, 2017), the Supreme Court issued its closely-watched decision regarding whether the filing of a...more

The Supreme Court Holds Statute of Repose Cannot Be Equitably Tolled

Akin Gump Strauss Hauer & Feld LLP on 7/1/2017

Securities defendants can rest easier after the Supreme Court’s decision to strictly construe certain statutory time limits under the Securities Act of 1933. On June 26, 2017, the Court issued its opinion in California Public...more

Supreme Court Upholds Strict Time Limit in Federal Securities Class Actions

Kramer Levin Naftalis & Frankel LLP on 6/30/2017

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (“CalPERS”) (No. 16–373, 2017 WL 2722415) (U.S. June 26, 2017), holding that the...more

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

King & Spalding on 6/29/2017

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

US Supreme Court Holds that 3-Year Time Limit to Challenge Registration Statements Cannot Be Tolled, Precluding Opt-Out Plaintiffs...

Dechert LLP on 6/28/2017

Officers, directors, and underwriters frequently become targets of securities fraud litigation after a public offering. In a landmark case decided yesterday, the U.S. Supreme Court provides defendants with another tool to...more

SCOTUS Holds American Pipe Tolling Does Not Apply to Securities Class Action Opt-Out Claims Filed Outside Repose Period: CalPERS...

Carlton Fields on 6/28/2017

We have blogged about the evolution and application of the American Pipe tolling rule, as further expanded by Crown Cork, many times, most recently following the Ninth Circuit’s Resh decision last month. Under American Pipe,...more

Supreme Court Holds That Securities-Law Statutes of Repose Are Not Subject to Class-Action Tolling

Proskauer - Corporate Defense and Disputes on 6/28/2017

The U.S. Supreme Court ruled this week that the pendency of a securities class action does not allow individual class members to opt out of the class and file separate actions under the Securities Act of 1933 more than three...more

U.S. Supreme Court Holds that the Filing of a Class Action Does Not Toll the Securities Act’s Statute of Repose

Mintz - Securities Litigation Viewpoints on 6/27/2017

In a 5-4 decision, issued during the final week of the its term, the U.S. Supreme Court held that the filing of a class action does not toll the three-year period provided for in Section 13 of the Securities Act of 1933....more

Supreme Court Holds That Securities-Law Statutes of Repose Are Not Subject to Class-Action Tolling

Proskauer Rose LLP on 6/27/2017

The U.S. Supreme Court ruled today that the pendency of a securities class action does not allow individual class members to opt out of the class and file separate actions under the Securities Act of 1933 more than three...more

Supreme Court Rejects Tolling Argument for Nonnamed Class Members’ Section 11 Claims

Foley & Lardner LLP on 6/27/2017

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (No. 16-373), holding that tolling does not apply, when a class action is pending, to...more

Supreme Court Upholds Strict Time Limit for Securities Actions

Goodwin on 6/27/2017

On June 26, 2017, the Supreme Court issued a decision in the closely watched case of California Public Employees’ Retirement System v. ANZ Securities, Inc., holding that claims under Section 11 of the Securities Act of 1933...more

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

Faegre Drinker Biddle & Reath LLP on 6/27/2017

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

Update: Briefs Filed in CalPERS v. ANZ Securities

Mintz - Securities Litigation Viewpoints on 4/17/2017

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

Briefs Filed in CalPERS v. ANZ Securities

Mintz - Securities Litigation Viewpoints on 3/25/2017

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

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

Skadden, Arps, Slate, Meagher & Flom LLP on 2/1/2017

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

4th Circuit Revisits N.C.’s Statute of Repose; No Bar to Hazardous Waste-Related Personal Injury Claims

Pillsbury - Gravel2Gavel Construction & Real... on 3/30/2016

Twice, courts have been called upon to interpret North Carolina’s 10-year statute of repose in connection with injuries allegedly stemming from the release of hazardous substances. CTS Corporation v. Waldburger involved CTS’s...more

Inside the Courts - An Update From Skadden Securities Litigators - May 2015 / Volume 7 / Issue 2

Skadden, Arps, Slate, Meagher & Flom LLP on 6/2/2015

In This Issue: - U.S. Supreme Court: ..Omnicare, Inc. v. Laborers Dist. Council Constr. Indus. Pension Fund, 135 S. Ct. 1318 (4th Cir. Mar. 16, 2015) - Auditor Liability: ..In re Advanced Battery Techs.,...more

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Statute of Limitations › Supreme Court of the United States › Statute of Repose

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