04/10/2012 09:27:00 AM EST
Securities Claim Tolling Not Proper Under Whittaker Rule, High Court Rules
WASHINGTON, D.C. - The Ninth Circuit U.S. Court of Appeals erred in ruling that the two-year statute of limitations claims brought pursuant to Section 16(b) of the Securities Exchange Act of 1934 are tolled until a Section 16(b) statement is filed, because the text of Section 16(b) "simply does not support" the Whittaker v. Whittaker Corp. rule, a unanimous U.S. Supreme Court ruled March 26 (Credit Suisse Securities [USA] LLC, et al. v. Vanessa Simmonds, No. 10-1261, U.S. Sup.; 2012 U.S. LEXIS 2535; See November 2011, Page 26).
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