Extending CalPERS V. ANZ Securities To Exchange Act Cases
By Alan Glickman, William Gussman Jr. and Abigail Coster ( September 21, 2017, 3:34 PM EDT) -- In a landmark ruling issued in June, the U. S. Supreme Court held that the filing of a class action for violations of Section 11 of the Securities Act of 1933 (the "Securities Act") does not toll the three-year statute of repose set forth in Section 13 of the Securities Act with respect to identical, individual "opt-out" claims of the putative class members. Specifically, in California Public Employees' Retirement System v. ANZ Securities Inc. , 137 S. Ct. 2042 (2017), the U. S. Supreme Court explained that because Section 13's three-year period is a statute of repose that imposes an absolute limit on future liability, opt-out plaintiffs cannot rely on American Pipe tolling[1] to save claims filed after its expiration. . . .
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