In California Public Employees’ Retirement System v. ANZ Securities, 137 S. Ct. 2042, 2055 (2017) (CalPERS), the Supreme Court held that the Securities Act’s three-year statute of repose was not subject to class-action tolling. Thus, under CalPERS, investors cannot rely on the filing of a class action to preserve the timeliness of their individual Securities Act claims, and must instead separately assert those claims within the three-year statute of repose.
The CalPERS court reached this holding over the strenuous objections of the petitioner, several of its amici, and four dissenting justices, all of whom claimed that the majority’s holding would result in substantial inefficiencies as “nonnamed class members will inundate district courts with protective filings” before the expiration of the three-year period. Id. at 2053; see also id. at 2058 (Ginsburg, J., dissenting).