Supreme Court addresses tolling of Section 16(b) statute of limitations

On March 26, the Supreme Court issued a unanimous decision in Credit Suisse Securities (USA) LLC v. Simmonds regarding the application of the two-year statute of limitations for filing a lawsuit under Section 16(b) of the Securities Exchange Act of 1934. In an opinion authored by Justice Scalia that is available at 2012 WL 986812, the Court said it was split evenly (4 – 4, due to the non-participation of Chief Justice Roberts) on the threshold question whether the limitations period was one of repose that could not be extended beyond its stated two-year limit for any reason, or one subject to tolling (i.e., suspension) during any period when equitable considerations so demanded. 

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