Mississippi College Law Review
Publication Date
Spring 2024
Abstract
Statutes of limitations and statutes of repose are critical mechanisms that help to limit liability in civil actions. In many instances, these two time bars are paired together in order to protect a defendant from an interminable threat of liability. Although these time limits are present in many types of statutes, they are especially important in statutes involving securities offerings because of the need to protect financial security. In the Securities Act of 1933 ("Securities Act"), there are two time bars, a statute of limitations and a statute of repose, which attempt to protect potential defendants from liability regarding the distribution of securities. The longer of these two time limits seeks to provide financial stability in fast-changing markets by reducing the open period for potential liability. In order for defendants to be protected by this longer time limit, the moment at which the potential liability ends must be unambiguous in order to protect defendants from potential liability. This Note will analyze the Supreme Court of the United States' holding in California Public Employees' Retirement System v. ANZ Securities, Inc. in relation to the three-year time bar in the Securities Act. In this case, the Court held that the three-year time bar was a statute of repose, as opposed to a statute of limitations, therefore making petitioner's timely untimely filing of its individual action grounds for dismissal.
Recommended Citation
Kendall, Whit
(2024)
"CalPERS v. ANZ Securities: Securities Time Bars,"
Mississippi College Law Review: Vol. 38:
Iss.
1, Article 10.
Available at:
https://dc.law.mc.edu/lawreview/vol38/iss1/10