Court holds that individual ‘opt out’ Securities Act plaintiffs cannot rely on American Pipe tolling to extend the statute of repose
WILLIAM H. GUSSMAN, JR., ALAN R. GLICKMAN AND ABIGAIL F. COSTER, SCHULTE ROTH & ZABEL
In California Public Employees’ Retirement System v. ANZ Securities, Inc. (“CalPERS”),1 the United States Supreme Court recently held that the filing of a class action for violations of Section 11 of the Securities Act of 1933 does not toll the three-year statute of repose set forth in Section 13 of the Act with respect to identical, individual “opt out” claims of the putative class members. The Court’s ruling that American Pipe tolling
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