Monday, November 30, 2009

Supreme Court hears argument on Statute of Limitations

The Supreme Court is hearing oral arguments today in Merck & Co., Inc. v. Richard Reynolds, which raises thee question of when a statute of limitations begins to run on a federal securities fraud claim. The case will resolve a dispute among the circuits as to when an investor has "inquiry notice" of federal securities fraud, as would trigger the running of the statute of limitations.

The statute of limitations issue arises from a class action by Merck shareholders who alleged that Merck officers and directors misrepresented facts about the drug Vioxx.  Merck argues that the shareholders' suit is time-barred because investors were put on "inquiry notice" more than two years prior to the filing date by an FDA Warning Letter accusing Merck of deceptive and misleading conduct regarding the safety of Vioxx.

The SCOTUS Blog's argument preview is here.

The SCOTUS Wiki page is here, and includes links to the documents filed in the case.

~clf

http://lawprofessors.typepad.com/civpro/2009/11/supreme-court-hears-argument-on-statute-of-limitations.html

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