Law360 Quotes James Tysse on IndyMac Case on SCOTUS Docket
Akin Gump Supreme Court and appellate counsel James Tysse was quoted by Law360 for its article “IndyMac Case Could Reset Securities Class Action Timetable” on a case—Public Employees’ Retirement System of Mississippi v. IndyMac MBS Inc.—accepted by the U.S. Supreme Court for its fall Term.
The issue at hand is whether, as the article notes, “the high court’s 1974 ruling in American Pipe & Construction Co. v. Utah.—which held that if a class action is filed on time, the statute of limitations is suspended for all class members until the class is denied certification—applies equally to the 1933 Securities Act’s statute of repose...”
The plaintiff appealed to the Court after the 2nd Circuit did not allow it to intervene in a securities fraud class action involving major banks, including IndyMac Bancorp Inc.
Tysse noted one of several concerns raised by the 2nd Circuit’s decision by saying, “If any significant amount of money is at stake, there will be a significant incentive for plaintiffs to file separate lawsuits in order to preserve their rights.”
To read the full article, including additional comments by James Tysse, please click here.