Supreme Court Decision Alert - June 26, 2017

Today, the Supreme Court issued one decision, described below, of interest to the business community.

Statutes of Repose—Availiability of American Pipe Tolling

California Public Employees' Retirement System v. ANZ Securities, Inc., No. 16-373

Civil actions alleging violations of the Securities Exchange Act must be filed within "three years after the security was bona fide offered to the public." Taking a strict view of the time limitation, the Supreme Court held today that the three-year period cannot be extended by so-called American Pipe tolling.

In American Pipe & Construction Co. v. Utah, 414 U.S. 538 (1974), the Supreme Court held that "the commencement of a class action suspends the statute of limitations as to all asserted members of the class who would have been parties had the suit been permitted to continue as a class action." Putative class members who opt out of a certified class may therefore pursue individual claims even if the limitations