By Mark Rosen (July 17, 2017, 11:44 AM EDT) -- In a 5-4 decision issued during the last week of its term, the U.S. Supreme Court held that the filing of an individual securities action for violations of Section 11 of the Securities Act of 1933 more than three years after the date of the relevant offering is time-barred by Section 13 of the 33 Act, even though a putative class action encompassing that claim had been filed before that deadline. In California Public Employees' Retirement System v. ANZ Securities Inc., No. 16-373 (June 26, 2017), the court declined to apply the long-standing principles enunciated by the court in American Pipe & Construction Co. v. Utah, 414 U.S. 538 (1974), that the commencement of a class action tolls the time for putative class members to bring their own actions if they wish to proceed with individual claims outside the class action....