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15 U.S.C. § 78aa–1Special provision relating to statute of limitations on private causes of action

submitted 92 years ago by Pub. L. 102-242 to r/title-15-COMMERCE-AND-TRADE · 150 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section fixes the deadline for certain securities fraud lawsuits filed on or before June 19, 1991. Those suits use whatever time limit applied in that court's jurisdiction as of that date. A suit dismissed as too late must be reinstated if the plaintiff asks within 60 days of December 19, 1991.

(a) Suits already pending. For a private lawsuit implied under section 10(b) of this title (78j(b)) that was already filed on or before June 19, 1991, the deadline for filing (the "limitation period") is whatever period applied under that jurisdiction's law — including its rules on retroactivity — as that law stood on June 19, 1991. (b) Suits already dismissed. Take a private lawsuit under section 10(b) that was filed on or before June 19, 1991. If that suit (1) was later thrown out as filed too late, after June 19, 1991, and (2) would actually have been filed on time under the law described in subsection (a) (as it stood on June 19, 1991), then the suit must be reinstated — as long as the plaintiff asks the court to reinstate it within 60 days after December 19, 1991.
the actual law source: uscode.house.gov ↗public domain
(a) Effect on pending causes of action

The limitation period for any private civil action implied under section 78j(b) of this title that was commenced on or before June 19, 1991, shall be the limitation period provided by the laws applicable in the jurisdiction, including principles of retroactivity, as such laws existed on June 19, 1991.

(b) Effect on dismissed causes of action

Any private civil action implied under section 78j(b) of this title that was commenced on or before June 19, 1991—

(1)

which was dismissed as time barred subsequent to June 19, 1991, and

(2)

which would have been timely filed under the limitation period provided by the laws applicable in the jurisdiction, including principles of retroactivity, as such laws existed on June 19, 1991,

shall be reinstated on motion by the plaintiff not later than 60 days after December 19, 1991.

Source credit: (June 6, 1934, ch. 404, title I, § 27A, as added Pub. L. 102–242, title IV, § 476, Dec. 19, 1991, 105 Stat. 2387.)

history & why it existsrecord from the source credit
  • 1934Enacted · Pub. L. 102-242 · 105 Stat. 2387

A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-242 on 1934-06-06.

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