Certainty For Defendants Will Burden Institutional Investors
Law360, New York (June 26, 2017, 10:31 PM EDT) -- The U.S. Supreme Court's Monday ruling that suits over securities offerings are subject to time limits that can't be extended by class action filings will give public companies a measure of certainty against unexpected claims, experts said, but will require more legwork from institutional investors to preserve their claims and could gum up courts with premature opt-out litigation.
Justice Anthony Kennedy wrote the decision for a 5-4 majority of the high court that upheld a Second Circuit decision dismissing CalPERS' opt-out action against a group of bank underwriters as untimely. (AP) Justice Anthony Kennedy wrote the decision for a 5-4 majority...
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