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eBook details

• Title: Tregenza V. Great American Communications Co.
• Author : United States Court of Appeals for the Seventh Circuit
• Release Date : January 23, 1993
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 71 KB

Description

POSNER, Chief Judge. Section 9(e) of the Securities Exchange Act of 1934, 15 U.S.C. § 78i(e), requires that suits to enforce the substantive provisions of section 9 be brought "within one year after the discovery of the facts constituting the violation and within three years after such violation." The Supreme Court has held that section 9(e) supplies, as well, the statute of limitations (more properly called, in the case of the three-year cutoff, a statute of repose) for suits brought under the SEC's Rule 10b-5, which was promulgated under section 10(b) of the Act, 15 U.S.C. § 78j(b), a section that contains no statute of limitations. Lampf, Pleva, Lipkind, Prupis & Petigrow v. Gilbertson, 115 L. Ed. 2d 321, 111 S. Ct. 2773 (1991). Of course section 9(e) is confined by its terms to suits under section 9, but the Supreme Court has long "borrowed" limitations periods for federal statutes lacking them from other statutes, federal or state, and that is what it did in Lampf.

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