Cooley Assists Washington Legal Foundation with Amicus Brief in Supreme Court Securities Fraud Case
Washington, DC – April 7, 2017 – Cooley provided assistance to the Washington Legal Foundation (WLF) in preparing an amicus brief respectfully urging the US Supreme Court to honor the statutory time limit in the securities fraud case CalPERS v. ANZ Securities, Inc. The brief asserts that the Second Circuit had properly applied the Securities Act's three-year statute of repose to dismiss the fraud case, which was filed by an individual plaintiff who opted out of a class action after the expiration of the three-year period.
Throughout the brief, WLF argues that the repose deadline protects both class members – especially smaller shareholders – as well as defendants in securities fraud cases, without creating significant burdens for larger investors or the courts.
“It’s an honor to help WLF in the filing of this brief to ensure all shareholders are treated equitably,” said Lyle Roberts, securities litigation partner at Cooley. “We believe that protecting the proper functioning of the class-action mechanism is imperative.”
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