CalPERS v. ANZ Securities, Inc.
- Case Date: 4/5/2017
- Project Name: Civil Justice Reform
On April 5, 2017, WLF asked the U.S. Supreme Court to uphold a Second Circuit decision that properly applied the Securities Act’s three-year statute of repose to dismiss a lawsuit filed too late by a party opting out of a class action. WLF’s amicus brief in the case argues that the repose deadline protects both the vast majority of members of the plaintiff class and defendants in securities fraud class-action cases from strategic holdouts. It explains that investors can easily preserve their ability to file individual claims by becoming non-lead named plaintiffs in a class action prior to the running of the time limit. “Equitably” tolling the statute of repose just hands outsized leverage to large institutional investor holdouts, to the detriment of smaller shareholders. Enforcing the statute of repose will protect the proper functioning of the class-action mechanism and ensure equitable treatment of all shareholders as well as class-action defendants.
|Oral argument held April 17, 2017. Awaiting decision.|
More Information and Downloads:
|4/5/2017: Download the Brief|
|Press Release: WLF Asks U.S. Supreme Court to Honor Statutory Time Limit in Securities Fraud Case|