On June 26, 2017, the Supreme Court handed down a 5-4 decision which ended California Public Employees' Retirement System’s (“CALPERS”) efforts to spin off its own Lehman-related claims from a larger class action because the claims were filed late.  The Court held that the three-year time limit in Section 13 of the Securities Act of 1933 is a statute of repose. Consequently, the Court held that the filing of a class action suit under Section 13 does not stop the clock on the statute of limitations for plaintiffs who subsequently opt-out of the class to pursue individual lawsuits.

On October 14, 2016, London’s High Court of Justice handed down a ruling in favor of the UK subsidiary of Goldman Sachs, ending a three-year challenge by the US$60 billion Libyan Investment Authority (LIA).  The decision comes after a judge rejected claims by the sovereign wealth fund that the bank's nine synthetic derivatives, crafted in 2007 and 2008, were intended to be so complex as to exploit its staff's limited financial know-how. The bank's willingness to defend itself not only reverses a long string of out-of-court settlements by Wall Street banks, but may also stiffen the resolve of other banks' legal staffs. LIA's claims rest upon a theory of suitability that will no doubt be tested further in the post-reform litigation era.