Securities Law Alert, December 2011
This edition of the Alert discusses the oral argument before the Supreme Court in Credit Suisse v. Simmonds, a case concerning whether and when the statute of limitations for Section 16(b) “short-swing” trading claims may be tolled. We also address the Ninth Circuit’s revival of the Alchemix action based on the Supreme Court’s decision in Merck v. Reynolds, which addresses when the statute of limitations for a Section 10(b) claim begins to run.
In addition, we discuss a ruling from the Southern District of New York rejecting the SEC’s proposed consent judgment with Citigroup, as well as a decision from the District of New Mexico holding that the First Amendment does not protect credit ratings disseminated only to a limited group of investors.