Press Release

Supreme Court Cites Washington Legal Foundation Amicus Brief in CalPERS v. ANZ Securities Decision

June 28, 2017

Washington, DC – June 28, 2017 – The US Supreme Court has sided with the defendants in CalPERS v. ANZ Securities, Inc., citing in the majority opinion an amicus curiae brief filed by Cooley on behalf of Washington Legal Foundation.

In the case, the Supreme Court was asked by the petitioner to adopt a rule judicially extending the time limits that Congress enacted for the filing of certain securities law claims brought under the Securities Act of 1933. In its brief, WLF argued that enforcing the statutory time limits was necessary to protect defendants in securities class actions from undue burdens, without creating significant hardships for investors or the courts. Consistent with the position urged by WLF, the Court’s decision rejected the proposed rule extending the statutory limits at issue. Citing the WLF amicus brief, the Court found that a motion to intervene or request to be included as a named plaintiff in a class-action complaint could suffice to protect investors' claims.

Cooley's securities litigation group has deep experience in federal and state securities law including advising on securities class actions, shareholder derivative actions, M&A litigation, internal investigations and regulatory proceedings. According to Thomson Reuters Monitor Suite, Cooley is one of the most active practices for the defense of issuers in shareholder litigation in the US. Cooley has also defended more life sciences companies in shareholder litigation filed over the past five years than any other firm.

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