United States Supreme Court

In consolidated suits seeking disgorgement of "short-swing" insider trading profits under section 16(b) of the Securities Exchange Act that were brought more than two years after the date profits were realized, the Ninth Circuit's reversal of the district court's dismissal is vacated and the case remanded, where: 1) the two-year period of limitations in section 16(b) is not tolled by failure to comply with section 16(a)'s requirement that insiders disclose any changes to their ownership interests; and 2) it was necessary for the lower courts to consider in the first instance how usual equitable tolling rules applied.

Appellate Information

• Decided 03/26/2012
• Published 03/26/2012

Judges

• Scalia

Court

• United States Supreme Court

Counsel