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On September 26, 2012, The Honorable Paul G. Gardephe, United States District Judge for the Southern District of New York, granted a Rule 12(b)(6) motion to dismiss the complaint in Chechele v. Morgan Stanley et al., No. 11 Civ. 4037 (PGG) (KNF) (S.D.N.Y.), on statute of limitations grounds.  Simpson Thacher represented Morgan Stanley in this derivative action under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b), which alleged that Morgan Stanley had profited from prohibited short-swing trades in the stock of nominal defendant Gramercy Capital Corp.  Judge Gardephe relied on the Supreme Court’s recent decision in Credit Suisse Securities (USA) LLC v. Simmonds, 132 S. Ct. 1414 (2012), in concluding that plaintiff knew or reasonably should have known the facts necessary to plead her claims more than two years before she filed suit, and that plaintiff had not alleged a plausible basis for equitable tolling of the two-year statutory limitations period.