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....