The Supreme Court Holds American Pipe Tolling Inapplicable to Section 13’s Three-Year Statute of Repose, Which Governs Claims Under Sections 11 and 12 of the Securities Act
On June 26, 2017, the Supreme Court held American Pipe tolling does not apply to the three-year statute of repose set forth in Section 13 of the Securities Act of 1933, which governs claims brought under Sections 11 and 12 of that Act. California Public Employees Ret. Sys. v. ANZ Securities, Inc. (No. 16-373), 2017 WL 2722415 (2017) (Kennedy, J.) (CalPERS). The Court’s decision resolves a circuit split, and affirms the approach adopted by the Second Circuit in Police & Fire Retirement System of City of Detroit v. IndyMac MBS, Inc., 721 F.3d 95 (2d Cir. 2013) (IndyMac).