United States Second Circuit
DeKalb Cty. Pension Fund v. Transocean Ltd., 14-0894
In a securities action, contending that defendants violated sections 14(a) and 20(a) of the Securities Exchange Act (the Act) of 1934 and Securities and Exchange Commission Rule 14a-9, the district court's dismissal of plaintiff's claims as time-barred is affirmed where: 1) sections 9(f) and 18(a) of the Act provide a private right of action which carries a five-year statute of repose; 2) a three-year statute of repose applies to section 14(a) of the Act; and 3) the statute of repose for section 14(a) of the Act begins to run on the date of the defendant's last culpable act.
Appellate Information
- Published 2016/03/17
Judges
- CABRANES
Court
- United States Second Circuit