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Mar 20, 2014

Supreme Court to Review Second Circuit’s Decision that American Pipe Tolling Does Not Apply to the Securities Act’s Three-Year Statute of Repose

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The Supreme Court of the United States has granted certiorari in Public Employees’ Retirement System of Mississippi v. IndyMac MBS, Inc., taking up an issue that affects the management of class action securities litigation.  Specifically, the United States Court of Appeals for the Second Circuit held that the tolling rule of American Pipe & Construction Co. v. Utah, 414 U.S. 538 (1974)—tolling statutes of limitations for putative class members upon the commencement of a class action—does not apply to the three-year statute of repose that governs claims under Sections 11, 12(a), and 15 of the Securities Act of 1933 (the “Securities Act”).  See Police & Fire Ret. Sys. of Detroit v. IndyMac MBS, Inc., 721 F.3d 95 (2d Cir. 2013).  The Supreme Court’s review of the Second Circuit’s holding in IndyMac is likely to resolve an issue on which some courts have disagreed.

View full memo, Supreme Court to Review Second Circuit’s Decision that American Pipe Tolling Does Not Apply to the Securities Act’s Three-Year Statute of Repose

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