Textualism Takes Center Stage In CalPERS V. ANZ Securities

By Joel Rothman and Angela DiIenno, Mintz Levin Cohn Ferris Glovsky and Popeo PC (April 20, 2017, 11:57 AM EDT) -- CalPERS v. ANZ Securities Inc., argued Monday at the U.S. Supreme Court, deals with a relatively straightforward issue in the generally complex world of securities litigation: Does the filing of a putative class action serve to satisfy the three-year time limit in Section 13 of the Securities Act with respect to the individual claims of other class members. The Second Circuit answered this question with a "no" in Police & Fire Retirement System of Detroit v. IndyMac MBS Inc., and a handful of other circuit courts of appeals have since agreed....

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