Although it decided the class action suit against UBS alleging that the bank misled investors about mortgage-backed securities is time-barred, the U.S. Court of Appeals for the Third Circuit split with three other circuits by ruling that plaintiffs need not plead compliance with the statute of limitations in the Securities Act.
The pleading issue is a matter of first impression in the circuit, as is the court's decision to replace the inquiry-notice standard previously held in the circuit with a discovery standard for starting the clock on the statute of limitations for Securities Act claims.
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