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This month, we discuss Police & Fire Ret. Sys. of Detroit v. IndyMac MBS,1 in which the U.S. Court of Appeals for the Second Circuit addressed important unsettled questions concerning the applicability of the tolling rule established by the U.S. Supreme Court in American Pipe & Constr. v. Utah2 to the three-year statute of repose in Section 13 of the Securities Act of 1933.3 The court also addressed whether unnamed members of a putative class could avoid application of the statute of repose by intervening as named parties and utilizing Federal Rule of Civil Procedure 15(c)'s "relation back" doctrine to amend the complaint.

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