California Public Employees’ Retirement System v. ANZ Securities, Inc.

In California Public Employees’ Retirement System v. ANZ Securities, Inc., the Supreme Court of the United States has held that the three year limitation period applicable to Securities Act Section 11 claims cannot be extended or tolled based upon the language of Section 13.  Justice Kennedy wrote the opinion for the Court in a 5 to 4 decision.  

As with all securities regulation cases involving the Roberts Court, Chief Justice was in the majority.  The case continues the Court's recent focus on procedural issues in securities regulation cases.  For commentary on the Roberts Court and securities law, see my recent article here.