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.
Justices Give Boost to Securities Fraud Plaintiffs in Merck Ruling
The National Law Journal
April 28, 2010