Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

May 03, 2016

Second Circuit Holds Sarbanes-Oxley’s Five-Year Statute of Repose Applies to Claims Under Sections 9(f) and 18(a), but Re-Affirms That Three-Year Repose Period Applies to Section 14 Claims

配信申込

ジャンプリンクテキスト

 

Twenty-five years ago, in Ceres Partners, the Second Circuit held that the implied private right of action under Section 14 of the Securities and Exchange Act of 1934 (“Exchange Act”) was subject to a three-year repose period, based on analogizing such claims to the express private rights of action in Sections 9(f) and 18(a) of the Exchange Act and then borrowing those statutes’ then-applicable three-year statutes of repose.   In 2002, the Sarbanes-Oxley Act (“SOX”) extended to five years the repose period applicable to private rights of action involving claims of “fraud, deceit, manipulation, or contrivance.”   In DeKalb County Pension Fund v. Transocean Ltd., No. 14-0894-cv (2d Cir. Apr. 29, 2016), the Second Circuit reexamined its Ceres holding in light of SOX, and (1) resolving disagreements among district courts within the Second Circuit, held that claims under Sections 9(f) and 18(a) are subject to SOX’s five-year statute of repose, but (2) claims under Section 14 are nevertheless still subject to a three-year statute of repose.  The Transocean Court further held that Section 14’s repose period begins to run on the date of the defendant’s last culpable act or omission — i.e., when the allegedly misleading proxy statement was issued — not when the plaintiff’s claim may have accrued or been discovered.

View full memo, Second Circuit Holds Sarbanes-Oxley’s Five-Year Statute of Repose Applies to Claims Under Sections 9(f) and 18(a), but Re-Affirms That Three-Year Repose Period Applies to Section 14 Claims

著者等

Stuart J. Baskin

パートナー

紛争解決

+1 212 848 4974

+1 212 848 4974

ニューヨーク

Matthew L. Craner

パートナー

紛争解決

+1 212 848 5255

+1 212 848 5255

ニューヨーク

Agnès Dunogué

パートナー

紛争解決

+1 212 848 5257

+1 212 848 5257

ニューヨーク

Stephen Fishbein

パートナー

紛争解決

+1 212 848 4424

+1 212 848 4424

ニューヨーク

Jerome S. Fortinsky

パートナー

紛争解決

+1 212 848 4900

+1 212 848 4900

ニューヨーク

Alan S. Goudiss

パートナー

紛争解決

+1 212 848 4906

+1 212 848 4906

ニューヨーク

John Gueli

パートナー

紛争解決

+1 212 848 4744

+1 212 848 4744

ニューヨーク

Adam Hakki

パートナー

紛争解決

+1 212 848 4924

+1 212 848 4924

ニューヨーク

Daniel H.R. Laguardia

パートナー

紛争解決

+1 415 616 1114

+1 415 616 1114

+1 212 848 4731

+1 212 848 4731

サンフランシスコ

Christopher L. LaVigne

パートナー

紛争解決

+1 212 848 4432

+1 212 848 4432

ニューヨーク

Daniel Lewis

パートナー

紛争解決

+1 212 848 8691

+1 212 848 8691

ニューヨーク

John A. Nathanson

パートナー

紛争解決

+1 212 848 8611

+1 212 848 8611

ニューヨーク

Brian H. Polovoy

パートナー

紛争解決

+1 212 848 4703

+1 212 848 4703

ニューヨーク

Jeffrey J. Resetarits

パートナー

紛争解決

+1 212 848 7116

+1 212 848 7116

ニューヨーク

William J. F. Roll, III

ジェネラル・カウンセル

紛争解決

+1 212 848 4260

+1 212 848 4260

ニューヨーク

Richard F. Schwed

パートナー

紛争解決

+1 212 848 5445

+1 212 848 5445

ニューヨーク

Patrick D. Robbins

パートナー

紛争解決

+1 415 616 1210

+1 415 616 1210

サンフランシスコ

Mark D. Lanpher

パートナー

紛争解決

+1 202 508 8120

+1 202 508 8120

ワシントンDC

Brian G. Burke

パートナー

紛争解決

+1 212 848 7140

+1 212 848 7140

+86 21 6136 5000

+86 21 6136 5000

ニューヨーク

業務分野