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2nd Circuit declines to extend American Pipe tolling to Section 13 statute of repose

On June 27 the 2nd U.S. Circuit Court of Appeals issued its decision in Police & Fire Retirement System of City of Detroit v. IndyMac MBS Inc. Addressing “an unsettled question of law,” the 2nd Circuit held that the tolling doctrine established by the U.S. Supreme Court in American Pipe and Construction Co. v. Utah does not apply to the three year statute of repose in Section 13 of the Securities Act of 1933.

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