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ARTICLE · 03 APRIL 2017

Briefs Filed In CalPERS v. ANZ Securities

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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On February 27, 2017, the California Public Employees' Retirement System ("CalPERS") filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit...

United StatesLitigation, Mediation & Arbitration
Joel Rothman
Joel Rothman
Angela DiIenno
Angela DiIenno
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On February 27, 2017, the California Public Employees' Retirement System ("CalPERS") filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second Circuit's ruling in Police and Fire Retirement System of the City of Detroit v. IndyMac MBC, Inc., as inconsistent with the Supreme Court's holding in American Pipe & Construction Co. v. Utah. Specifically, CalPERS argues that the timely filing of a valid class action satisfies or tolls the three-year filing period set by Section 13 of the Securities Act with respect to subsequently filed opt-out suits.

BACKGROUND

In 2008, a retirement fund filed a class action (the "Class Action") in the Southern District of New York, asserting claims pursuant to Section 11 of the Securities Act related to debt offerings underwritten by the Respondents in the instant case. The Class Action was filed on behalf of all persons and entities that purchased the securities

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