Cal Public Employees' Retirement SYS. v. Anz Securities
U.S. Supreme Court · decided June 26, 2017 · Supreme Court Database (Spaeth)
- Decided
- June 26, 2017
- Term
- October Term 2016
- Vote
- 5–4
- Majority author
- Justice Kennedy
- Issue area
- Judicial Power
- Disposition
- Affirmed
- Outcome
- Petitioning party lost
- Ideological direction
- Conservative
Opinion excerpt
Justice KENNEDY delivered the opinion of the Court. The suit giving rise to the case before the Court was filed by a plaintiff who was a member of a putative class in a class action but who later elected to withdraw and proceed in this separate suit, seeking recovery for the same illegalities that were alleged in the class suit. The class-action suit had been filed within the time permitted by statute. Whether the later, separate suit was also timely is the controlling question. I A The Securities Act of 1933 "protects investors by ensuring that companies issuing securities ... make a 'full and fair disclosure of information' relevant to a public offering." Omnicare, Inc. v. Laborers Dist. Council Constr. Industry Pension Fund, 575 U.S. ----, ----, 135 S.Ct. 1318, 1323, 191 L.Ed.2d 253 (2015) (quoting Pinter v. Dahl, 486 U.S. 622, 646, 108 S.Ct. 2063, 100 L.Ed.2d 658 (1988) ); see 48 Stat. 74, as amended, 15 U.S.C. § 77a et seq . Companies may offer securities to the public only after filing a registration statement, which must contain information about the company and the security for sale. Omnicare, 575 U.S., at ---- - ----, 135 S.Ct., at 1323. Section 11 of the Securities Act "promotes compliance with these disclosure provisions by giving purchasers a right of action against an issuer or designated individuals," including securities underwriters, for any material…
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