High Court Questions Settlement's Impact On IndyMac Appeal

Law360, New York (September 24, 2014, 1:09 PM EDT) -- The U.S. Supreme Court on Tuesday ordered the parties in a dispute over whether a long-standing class action tolling provision should apply to certain securities suits to file additional briefs explaining how the appeal might be impacted by a proposed settlement in the underlying class action.

The high court in March agreed to reconsider a Second Circuit decision that blocked the Public Employees' Retirement System of Mississippi and other plaintiffs from intervening in a putative class action accusing several major banks, including IndyMac Bancorp Inc., Morgan Stanley & Co. and Goldman Sachs & Co., of misrepresenting certain mortgage-backed securities.

But the...

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