In a case of first impression, the 2nd U.S. Circuit Court of Appeals last week held that individual actions brought by WorldCom bondholders were not time-barred even though they had filed their actions prior to certification of a class action.
Second Circuit Judge Pierre N. Leval wrote in In re: WorldCom Securities Litigation, 05-6979-cv that the filing of a class action tolls the statute of limitations for all members of the asserted class “regardless of whether” they file an individual action before the class is certified.
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