3rd Circ. Nixes Pension Fund's Class Action Against UBS

Law360, New York (September 17, 2013, 4:25 PM ET) -- The Third Circuit on Tuesday tossed for being time-barred a securities class action against UBS AG subsidiaries over a pension fund’s losses from mortgage-backed securities purchases, clarifying that a discovery standard starts the clock on the one-year statute of limitations.

In a precedential decision, a three-judge panel for the Third Circuit took up a matter of first impression by considering the propriety of a rule requiring securities plaintiffs to specifically plead in their complaints compliance with the applicable statutes of limitations laid out in Section 13...
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