Simmonds , U. Chief Justice John Roberts recused himself from the case. In , Vanessa Simmonds, a recent college graduate, simultaneously filed lawsuits against fifty five financial institutions accusing them of abuses during the internet firm IPOs from that eventually led to the dot com bust. The plaintiffs argued that the financial institutions violated section 16 b of the Securities Exchange Act of by not disclosing so-called "short-swing" profits, that is profits from trades occurring over a period of less than six months. A federal district court consolidated the nearly identical cases and granted a motion to dismiss, stating that the two year limitation on the period on Section 16 b had expired. On appeal, the United States Court of Appeals for the Ninth Circuit reversed the decision, stating that the two-year period was tolled until the "insider" or party benefitting from the profit had disclosed the transaction.
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On Monday, the court will release orders from the June 4 conference at a. There is a possibility of opinions at 10 a. We will be live-blogging starting at a.
Judgment : Vacated and remanded , , in an opinion by Justice Scalia on March 26, The Chief Justice took no part in the consideration or decision of this case. Certiorari-stage documents Opinion below 9th Cir. On Thursday, the justices will hold their June 4 conference.
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Credit Suisse v. Simmonds
In , respondent filed numerous actions under section 16 b of the Securities Exchange Act of , 15 U. She also claimed that petitioners had failed to comply with section 16 a 's requirement that insiders disclose any changes to their ownership in interests. That failure, according to respondent, tolled section 16 b 's 2-year time period. The district court dismissed and the Ninth Circuit reversed, citing its decision in Whittaker v. Whittaker Corp.
Supreme Court decides Credit Suisse Securities (USA) LLC v. Simmonds
Vanessa Simmonds alleged in 54 separate complaints that several investment banks shared in the profits of customers who received IPO. Vanessa Simmonds brought suit under Section 16 b of the Securities Exchange Act of in order to recoup profits realized by Credit Suisse and other. Albrecht Mission Product Holdings Inc. Go to Petitioners maintain that these suits were properly dismissed because they were filed more than two years after the alleged profits were realized. Credit Suisse points out that Congress included a statute of repose and a statute of limitations in other sections of the Securities Act to limit causes of action following the action of a defendant and the discovery of the action by the plaintiff. As that court itself recognized, this actual-notice rule departs from usual equitable-tolling principles.
Credit Suisse Securities (USA) LLC v. Simmonds, 566 U.S. 221 (2012)
On Monday, the court will release orders from the June 4 conference at a. There is a possibility of opinions at 10 a. We will be live-blogging starting at a. Judgment : Vacated and remanded , , in an opinion by Justice Scalia on March 26,
Briefly Mentioned :
Please contact customerservices lexology. On March 26, , the U. Simmonds , No. Section 16 b creates a cause of action for holders of securities against corporate officers, directors, or other owners who realize profits from the purchase and sale, or sale and purchase, of the corporation's securities within any six-month period. The statute imposes a form of strict liability and requires insiders to disgorge "short-swing" profits even if they were not trading on inside information. Section 16 b provides that such suits must be brought within "two years after the date such profit was realized. The Ninth Circuit's rule was also inequitable because it had the potential for "endless tolling" in certain cases.