Law360, New York (September 27, 2017, 9:35 AM EDT) -- The U.S. Supreme Court recently delivered a shot across the bow of the investment community. In California Public Employees’ Retirement System v. ANZ Securities (June 26, 2017), the court overturned four decades of precedent and held that the filing of a class action does not "toll" or satisfy the statute of repose governing class members’ individual claims for recovery of damages under the federal securities laws. Now, under ANZ Securities, the statute of repose serves as an absolute time bar to individual class members’ institution of new, individual actions.
It is therefore critical that institutional investors diligently monitor pending securities class...
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