In a result joined by all of the
justices, the Supreme Court affirmed the decision of the Third Circuit,
concluding that plaintiffs' had timely filed a securities fraud suit against
Merck & Co. Merck & Co. v. Reynolds , Case No. 08-905 S.Ct.
(April 27, 2010).
The case centers on alleged...
In Strategic Diversity, Inc. v. Alchemix Corp. , an
opinion marked for publication, the United States Court of Appeals for the
Ninth Circuit held that for federal securities fraud claims, the statute of
limitations begins to run when a reasonably diligent plaintiff would have discovered
The Supreme Court rejected the approaches of two Circuit
Courts to tolling the limitation period for bringing an Exchange Act Section
16(b) claim while failing to decide if that period can be tolled. The High
Court rejected the conclusion of the Ninth Circuit that the two year statute of
On this edition, Alex Bahn of Hogan Lovells discusses the Supreme Court's decision in Credit Suisse Securities (USA) LLC v. Simmonds, in which the Court addressed the scope of the statute of limitations under Section 16(b) of the Securities Exchange Act of 1934. He provides a brief overview of Section...
by Joseph E. Bringman and Ronald Berenstain
Perkins Coie experts on Credit
Suisse Securities v. Simmonds: U.S. Supreme Court unanimously rejects the 9th
Circuit's 30-year-old rule that tolls the statute of limitations for
short-swing profit claims under Section 16(b) of the 1934 Act. Instead...
The first Monday in October is the opening day of the new Supreme Court term. In recent years the Court has heard a number of securities cases, considering issues regarding class certification in Erica P. John Fund v. Halliburton, 131 S. Ct. 2179 (2011), materiality in Matrixx Initiatives Inc. v. Siracusano...
The Supreme Court rejected the SEC's effort to extend the
five year statute of limitations for imposing a civil penalty by engrafting a
discovery exception onto the statute. Chief Justice Roberts, writing for a
unanimous Court, held that under Section 2462 of Title 28, the statute of
The Supreme Court rejected the
efforts of the Securities and Exchange Commission ("SEC") effort to
extend the five-year statute of limitations for imposing a civil penalty by
engrafting a discovery exception onto the statute. Chief Justice Roberts,
writing for a unanimous Court...