By: Derek Hawkins//July 5, 2017//
United States Supreme Court
Case Name: CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM v. ANZ SECURITIES, INC.ET AL.
Case No.: 16-373
Focus: Statutes of limitations – Securities
Petitioner’s untimely filing of its individual complaint more than three years after the relevant securities offering is ground for dismissal.
The two categories of statutory time bars—statutes of limitations and statutes of repose—each have “a distinct purpose.” CTS Corp. v. Waldburger, 573 U. S. ___, ___. Statutes of limitations are designed to encourage plaintiffs “‘to pursue diligent prosecution of known claims,’ ” id., at ___, while statutes of repose “effect a legislative judgment that a defendant should ‘be free from liability after the legislatively determined period of time,’ ” id., at ___. For this reason, statutes of limitations begin to run “when the cause of action accrues,” while statutes of repose begin to run on “the date of the last culpable act or omission of the defendant.”
Affirmed
Dissenting: Ginsburg, Breyer, Sotomayor, Kagan
Concurring: