Securities Claim Tolling Not Proper Under Whittaker Rule, High Court Rules

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.).

Find full version on lexis Advance®
Access this news story on lexis.com®