(Bloomberg) -- The U.S. Supreme Court tightened the deadlines for some securities-fraud suits, throwing out an investor lawsuit in a case stemming from Lehman Brothers Holdings Inc.’s 2008 collapse.
The justices, voting 5-4 along ideological lines, ruled that the California Public Employees’ Retirement System took too long to file its suit against the underwriters of Lehman’s debt. CalPERS said the three-year deadline should have been extended because similar class-action lawsuits had been filed earlier.
The ruling limits the flexibility investors will have in legal fights over securities offerings. Lower courts had been divided on the issue.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
