Supreme Court Docket Report - March 10, 2014

Yesterday (March 9, 2014), the Supreme Court granted certiorari in one case of interest to the business community:

Securities Act—Statute of Repose—Tolling Of Class Actions Under American Pipe

Section 13 of the Securities Act contains a statute of repose that provides that "[i]n no event shall any such action be brought to enforce a liability created under [Section 11 of the Securities Act] more than three years after the security was bona fide offered to the public." 15 U.S.C. § 77m. 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 proceed as a class action. Today, the Supreme Court granted certiorari in Public Employees' Retirement System of Mississippi v. IndyMac MBS, Inc., No. 13-640, to determine whether tolling under American Pipe extends to