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PUBLIC EMPLOYEES' RETIREMENT v. INDYMAC MBS, INC.

Docket No.: 13-640
Certiorari Granted: DISMISSED
Argued: October 6, 2014
Decided: September 29, 2014

Topics:

Securities Act of 1933, statute of limitations

PartyNames: Public Employees' Retirement System of Mississippi v. IndyMac MBS, Inc., et al.
Petitioner: Public Employees' Retirement System of Mississippi
Respondent: IndyMac MBS, Inc., et al.

Court Below: United States Court of Appeals for the Second Circuit
Citation: 721 F.3d 95
Supreme Court Docket

Public Employees' Retirement System of Mississippi
v.
IndyMac MBS, Inc., et al.
Background:

In American Pipe & Construction Co. v. Utah, 414 U.S. 538 (1974), this Court held that "the commencement of a class action suspends the applicable statute of limitations as to all asserted members of the class who would have been parties had the suit been permitted to continue as a class action." Id. at 554. Section 13 of the Securities Act of 1933 -- titled "Limitation of actions" -- provides, in relevant part, that "[i]n no event shall" an action under Section 11 of that Act "be brought ... more than three years after the security was bona fide offered to the public, or under [$ 12] (a) (2) ... more than three years after the sale." 15 U.S.C. Section 77m.

Question Presented:

Does the filing of a putative class action serve, under the American Pipe rule, to satisfy the three-year time limitation in Section 13 of the Securities Act with respect to the claims of putative class members?

PUBLIC EMPLOYEES' RETIREMENT v. INDYMAC MBS, INC.
ORAL ARGUMENT

October 6, 2014

Holding: DISMISSED AS IMPROVIDENTLY GRANTED
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