This week, in Merck & Co. Inc. v. Reynolds , 08-905, the U.S. Supreme Court resolved a circuit split regarding the two-year statute of limitations for claims brought under §10(b) of the Securities Exchange Act of 1934, the antifraud statute most frequently asserted by private plaintiffs in federal securities class actions.
Merck is the latest in a string of recent Supreme Court decisions refining the scope of §10(b)’s private right of action. In each of these recent cases, the court’s approach has been one of judicial conservatism, grounded in statutory language. This contrasts with the court’s approach decades ago, and still applied by many of the lower courts, in which judges crafted complex doctrines to read between the lines of §10(b).
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