In a rare boost for securities fraud class actions, the Supreme Court on Tuesday closed off a statute of limitations defense for Merck & Co. in its battle against Vioxx-related shareholder suits. Plaintiffs and shareholder groups applauded the decision for sweeping away a morass of conflicting lower-court decisions on statute of limitations rules and finding that the clock should start ticking only after plaintiffs discover the facts of the fraud violation -- including whether the company intended to defraud investors.
April 28, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
In a rare boost for securities fraud class actions, the U.S. Supreme Court on Tuesday closed off a “statute of limitations” defense for Merck & Co. in its battle against Vioxx-related shareholder suits.
The Court unanimously ruled in Merck v. Reynolds (pdf) that the litigation is timely and must go forward, in spite of Merck’s insistence that the suit was filed too late under the two-year statute of limitations contained in the Sarbanes-Oxley Act of 2002.
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