SIFMA Submits Amicus Brief to U.S. Court of Appeals in Countrywide Financial Case

SIFMA has submitted an amicus brief to the U.S. Court of Appeals in support of the defendants regarding the question of whether American Pipe tolling applies to the three-year statute of repose set forth in Securities Act Section 13 ("Limitation of Actions"). SIFMA's amicus brief argued three primary issues:

1. American Pipe tolling doctrines apply only to toll statutes of limitations and should not be extended to include status of repose;
2. the tolling claims that the plaintiffs lacked the standing to assert, would be inconsistent with American Pipe, which SIFMA claims would "breed abuse in securities litigation"; and
3. plaintiffs who did not invest in a security are not injured in connection with the sale of that security; therefore, they lack the standing to assert claims on behalf of persons who did purchase that security.

See: SIFMA Amicus Brief.