Securities Litigation

Affirming dismissal of some lingering Morgan Keegan bond fund actions, the Sixth Circuit joined the Second in holding that American Pipe class-action tolling does not affect the expiration of a statute of repose. The Court reasoned that, whether equitable or procedural, American Pipe cannot supersede the substantive extinction of a legal right by repose. The Tenth Circuit has held that American Pipe tolls statutes of repose pending class certification. Joseph v. Wiles, 223 F. 3d 1155 (10^th Cir. 2000). The Second Circuit said not. Police & Fire Ret. Sys. Of City of Detroit v. IndyMac ...