<i>Merck & Co., Inc. v. Reynolds</i>: Supreme Court Clarifies When 2-Year Limitations Period for Securities Fraud Begins to Run

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Merck & Co., Inc. v. Reynolds: Supreme Court Clarifies When 2-Year Limitations Period for Securities Fraud Begins to Run

May 04, 2010

John A. Reding, Edward Han, Neil J. Schumacher, and Caley M. Heekin

On April 27, 2010, the Supreme Court issued its decision in Merck & Co., Inc. v. Reynolds, 599 U.S. ____ (2010), holding that a securities fraud claim against pharmaceutical manufacturer Merck & Co. under Section 10(b) of the Securities Exchange Act of 1934 was timely filed despite possible earlier storm warnings. The Court, relying on earlier precedent and the statute of limitations in 28 U.S.C. § 1658(b), determined that the limitations period does not begin to run until the plaintiff . . . discovers or a reasonably diligent plaintiff would have discovered the facts constituting the violation, including scienter irrespective of whether the actual plaintiff undertook a reasonably diligent investigation.

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No-Action Letters Allow Third Parties to Retain and Preserve Records for Broker-Dealers and Investment Advisers

SEC Takes Steps to Reduce Reliance on Credit Ratings

Senate Judiciary Committee Considers Two Bills That May Benefit Plaintiffs in Private Civil Litigation

Attention ERISA Plan Sponsors: Get Ready Now for New Form 5500 Requirement to Disclose Compensation Paid to Plan Service Providers

Supreme Court Denies Certiorari in Three Cases Concerning Judicial Review of Arbitral Awards

LAERSTATE BV Decisions of the Board of Directors or not, as the case may be

EEOCs Proposed Regulations Would Affect Expansion of U.S. Disability Discrimination Law

Connecticut Employment Law:
Compliance with Recent Amendments

IRS Modifies Guidance on Safe Harbor for Wind Energy Partnerships

Hedge Fund Management An Industry in Transition

SEC Adopts Rule Governing Affiliate Marketing - Regulation S-AM

Real Estate: Global Asset Class, Local Opportunities

UK Syndicated Loans: Practical Experience in Interpreting UK Loan Documents

Hedge Fund Report
Summary of Key Developments Thus Far in 2009

IRS Guidance on Modifications of Securitized Commercial Mortgage Loans Provides New Flexibility and Also Imposes New Requirements

Strings Attached: Enhanced Enforcement of Federal Prevailing Wage Laws Against Recipients of Federal Stimulus Funds

Los Angeles to Increase Land Use Application Fees

Hospitality Report - Special Issue Employment - Fall 2009

FINRA 2009: What Employers Should Know

China Matters: Draft Foreign-Invested Partnership Regulations New Possibilities for Global Funds in China?

Recent Rulings Favor Taxpayers Statute of Limitations Defense

Obligations Imposed by Stimulus in Cases of Breach Involving Protected Health Information Clarified

Avoiding Ghosts of Christmases Yet to Be

Recent Amendments To New York Labor and Employment Law

OIG Approves Hospital/Physician ASC Joint Venture; Cautions Against Valuing Intangibles

FTC Issues Final Petroleum Market Manipulation Rule

General Growth Update II:
Bankruptcy Court Issues Significant Ruling Allowing SPE Debtors to Remain in Bankruptcy

SEC Proposes Pay-to-Play Rules That Would Significantly Restrict Political Contributions by Investment Advisers

Workplace Privacy in California: Employee Interests, Employer Rights

IRS Grants Filing Extension for the Report of Foreign Bank and Financial Accounts (FBAR)

The SEC Approves the Elimination of Broker Discretionary Voting in All Director Elections

Investment Advisor Not Liable for Securities Fraud in Recommending Hedge Fund That Was Part of a Ponzi Scheme

DOE Announces More Than $30 Billion in Loan Guarantee Funding for Certain Renewable Energy, Energy Efficiency and Transmission Projects

Applicability of Red Flag Identity Theft Rules to Investment Advisers

Second Circuit Endorses SECs Expansive View of Insider Trading

Treasury Proposes Legislation for Regulation of Private Funds

Latin America Legal and Business Developments

Capital-Raising Alternatives for Public Companies in the Current Environment

FINRA Proposes New Rules Governing Disclosure of Revenue Sharing and Other Compensation Arrangements Relating to Investment Company Securities

Capital-Raising Alternatives for Public Companies in the Current Environment: What Every Investment Bank Should Know. Bloomberg (July 2009)

New Jersey Court Forbids Employer to Review Employee Emails

The SECs Proposed Proxy Access Rules, Related Delaware Law Changes, and Proposed Federal Corporate Governance Legislation

Treasury Guidance Regarding Renewable Energy Grants in Lieu of Tax Credits Released

Code of Practice on Taxation of Banks

European Privacy Directive Recent Review

Divided Supreme Court Tackles Reverse Discrimination

Europes Emerging Bad Banks: Opportunities for Investors

The New UCITS IV Directive: Risks and Opportunities

The California Electronic Discovery Act: New Rules Governing E-Discovery Are Effective Immediately

Issues and Challenges in Establishing Bad Banks in Europe

FDIC to Private Equity: Thanks but (Maybe) No Thanks

Buying and Selling Underperforming Corporate Assets. The New York Law Journal.

Despite Recent Setbacks in the Courts, the SEC Remains Focused on Short Sales in PIPE Transactions. Securities Regulation Law Journal (Summer 2009)

Approval of Class Action Settlement by the Amsterdam Court of Appeals Closes Chapter on One F Cubed Securities Litigation

Supreme Court Narrows Reach of ADEA

FBAR Filing Requirement May Apply to Interests in Foreign Pooled Investment Funds; IRS Has Issued New Guidance on June 30 Filing Deadline

FINRA Adopts Rules To Govern Member Private Offerings

Recent Updates to the LEED Program

Limiting Tobacco II? The Ninth Circuit Holds That Plaintiffs Must Identify Specific Advertisements to Allege False Advertising Claims in Federal Court

Avoiding Personal Liability for 401(k) and Retirement Plan Investments-From Fees to Losses. Bloomberg Employee Benefits Law Reports. June 18, 2009.

New York Court of Appeals Permits Extraterritorial Seizure of Assets in Aid of Judgments

SEC Proposes Amendments to Investment Adviser Custody Rule

Ashcroft v. Iqbal: the Supreme Court Reinforces Twomblys Bite in Altering Federal Pleading Standards

FINRA Proposes Consolidated Rules Governing Suitability and Know-Your-Customer Obligations

Supreme Court to Rule on Constitutionality of SOX's Public Company Accounting Oversight Board

A License to Make, Use, and Sell a Patented Product Inherently Includes Have Made Rights

Treasury Releases Renewable Energy Guidance Regarding the Election of the Investment Tax Credit in Lieu of the Production Tax Credit

Revised Civil False Claims Act Targets Financial Institutions and Other TARP Fund Recipients

Supreme Court to Decide if Business Methods and Software are Patentable Under 35 U.S.C. § 101

FINRA Rule Proposal Requires Delivery of Monthly Customer Account Statements by Members

Key Provisions of the German Bad Bank Concept

Credit CARD Act of 2009: Implementation Guidelines

China Matters: Shanghai Clarifies Several Issues Under The Employment Contracts Law

China Matters: China Loosens Control Over Outbound Investments

The UK Response: A Summary of the UK Government Programmes In Response to the Credit Crisis

Recent Consumer Law Developments at the California Supreme Court: What Ever Happened to Prop. 64 and What Will Consumer Class Actions Look Like in the Future?

Project Financing of the LNG Supply Chain

The Equality Bill: Harmonising UK Discrimination Law and Progressing Equality

Legacy CMBS TALF: Something New for Something Old

Recent Guidance on the Recovery Acts Tax Credit Assistance Program and LIHTC Exchange Program

General Growth Update

Supreme Court Trims Reach of Lilly Ledbetter Fair Pay Act of 2009 and Reaffirms Settled Law on Retroactive Application of Statutes

Vaden v. Discover Bank: The Look Through Doctrine and the Arbitration of State Law Usury Claims

Preparing for a Pandemic Outbreak: Lessons Learned from the H1N1 Flu

Pro Bono News - Spring 2009

China Matters: Enactment of the Enterprise State-Owned Assets Law

Attorney Comizio Interview on Stress Tests

The Supreme Courts Decision in Burlington: Arranger Liability Under CERCLA Has Limits; Apportionment Claims Do Not Require Precise Evidence

The New Draft Directive on Hedge Funds: A Sting in the Tail for the ABS Market

CMBS TALF: Uncertain Expectations

What to do When the Government Knocks on Your Companys Door

Quartet of New Laws Proposed to Promote Green Buildings in New York City

Industry-Wide Investigation Announced Investigators to Examine Role of Placement Agents, Intermediaries and Middlemen in Public Pension Fund Investments