News & Analysis as of September 18, 2024

Securities Act of 1933

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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 -

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 Intensifies Timing Pressure on Federal Securities Claimants

Benesch on 7/3/2017

It is not uncommon for unnamed class members to opt out of the class when securities class actions veer toward settlement. They might deem the proposed settlement inadequate, and would prefer at that point to go it alone,...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

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

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

"Inside the Courts: Supreme Court Agrees to Review American Pipe Tolling Issue"

Skadden, Arps, Slate, Meagher & Flom LLP on 3/10/2014

This morning, the Supreme Court granted the writ of certiorari in Public Employees Retirement System of Mississippi v. IndyMacMBS, Inc. The petition raises an issue regarding the application of American Pipe tolling to claims...more

Second Circuit Rejects the Application of American Pipe's Tolling Rule and Rule 15(c)'s "Relation Back" Doctrine to the Three-Year...

Sheppard Mullin Richter & Hampton LLP on 7/17/2013

In In re IndyMac Mortgage-Backed Securities Litigation, No. 11-2998-CV, 2013 WL 3214588 (2d Cir. June 27, 2013), the United States Court of Appeals for the Second Circuit held that the tolling rule established by the United...more

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Statute of Limitations › Tolling › Securities Act of 1933

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