High Court Ducks Thorny Tolling Clash In IndyMac Reversal

Law360, New York (September 30, 2014, 8:01 PM EDT) -- When the U.S. Supreme Court on Monday reversed its decision to hear a long-anticipated appeal over whether a tolling provision should apply to certain securities class actions, it left in place a potentially damaging circuit split over the timing of investor opt-out rights and caused many observers to scratch their heads.

In a very short order, the high court dismissed as improvidently granted its writ of certiorari to the Public Employees' Retirement System of Mississippi, which was looking to overturn a 2013 Second Circuit decision that blocked it and other plaintiffs from intervening in a putative class action accusing IndyMac Bancorp Inc.,...

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