Wednesday, July 5, 2017

Clock Runs Out on CALPERS' Lehman Claims

Supreme Court Upholds Strict Time Limit in Federal Securities Class Actions

Author: David Schwartz J.D. CPA

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.

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Tags: litigation, lehman

Friday, June 21, 2013

New Wave of Lehman Litigation Looms as Filing Deadline Approaches

Author: David Schwartz J.D. CPA
Time is running out for those who are unhappy with the settlements of some 930,000 Lehman derivatives contracts. With the statute of limitations running out on filing Lehman derivatives disputes, a flood of new cases is expected from parties holding these contracts when Lehman filed for bankruptcy in 2008. An article by law firm Orrick Herrington & Sutcliffe LLP lays out some some of the parameters of this potential wave of last minute Lehman litigation.
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Tags: lehman

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