Statutes of repose are the Casey Afflecks of civil procedure: often overshadowed by statutes of limitations, their more famous sibling. But the statute of repose governing securities class actions, Section 13 the Securities Act of 1933, has had a star turn in financial crisis litigation, and on Monday the U.S. Supreme Court agreed to hear a case that hinges entirely on it, Public Employees’ Retirement System of Mississippi v. IndyMac MBS Inc.
The specific question presented in the IndyMac case may seem arcane: If one investor in a security files a timely class action, is the statute of repose tolled for all class members? But the answer could be worth plenty to securities issuers and their underwriters, not to mention the securities plaintiffs bar.
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