The U.S. Supreme Court is going to address when the running of the statute of limitations is triggered in securities fraud cases, but not in the case many observers expected.
Last year, the Court asked the Solicitor General to weigh in on the cert petition filed in the Trainer Wortham (9th Cir.) case. When the Solicitor General finally did so this spring, however, it suggested that the Merck (3rd Cir.) case would be a clearer test of the statute of limitations issue. The Court apparently agreed and granted cert in the case yesterday.
The official question presented in Merck is:
The Court will hear the case in the term starting October 5, 2009. A summary of the Third Circuit's decision can be found here.Posted by Lyle Roberts at May 27, 2009 9:28 PM | TrackBack