David Freeman Engstrom (Stanford Law School) has posted “Supreme Court Amicus Brief of Civil Procedure and Securities Law Professors in Support of Certiorari, Public Employees’ Retirement System of Mississippi v. IndyMac MBS, Inc., No. 13-640” (Filed Dec. 26, 2013).
The abstract is as follows:
Amici curiae law professors filed this brief in the United States Supreme Court in support of certiorari in Public Employees’ Retirement System of Mississippi v. IndyMac MBS, Inc., No. 13-640, regarding the applicability of American Pipe’s protective tolling rule to the three-year limitations period in Section 13 of the Securities Act in securities class actions under Rule 23. The brief uses original data to offer a simple empirical estimate of the likely efficiency costs of the Second Circuit’s decision limiting American Pipe’s reach and criticizes the court for failing to engage in any recognizable inquiry in holding, in the alternative, that applying American Pipe would violate the Rules Enabling Act.