Tolling Doesn't Apply To Securities Repose Statute: 2nd Circ.

Law360, New York (June 27, 2013, 7:52 PM EDT) -- The Second Circuit on Thursday tackled “an unsettled question” raised by a tolling doctrine when it refused to allow a group of retirement systems to intervene in a securities fraud class action, finding that the rule doesn't apply to a three-year statute of repose in the Securities Act of 1933.

The court backed a lower court's decision that blocked retirement systems — including General Retirement System of the City of Detroit and the Los Angeles County Employees Retirement Association — from intervening in a putative class...
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