The U.S. Supreme Court decided not to weigh in on a case brought by the $25.1 billion Mississippi Public Employees' Retirement System, Jackson, challenging the time limits for investors to join or opt out of class-action lawsuits.
The case, Public Employees' Retirement System of Mississippi vs. IndyMac MBS Inc., was scheduled for oral arguments on the Supreme Court's opening day Oct. 6. But following a proposed settlement in the original mortgage-backed securities lawsuit the justices decided Monday to dismiss the case, saying the original acceptance “was improvidently granted.”
That leaves the timing question to lower courts, which have been split.
Calls to the Mississippi attorney general and the law firm representing the pension fund were not returned by press time.
On Nov. 3, the Supreme Court will consider another aspect of securities litigation arguments in a case challenging the standards needed to pursue securities litigation on the basis of “untrue” statements. The case, brought by Omnicare Inc. against Laborers District Council Construction Industry Pension Fund et al., “seeks to resolve a sharp conflict among the circuits over a critical and recurring issue of pleading under the federal securities laws,” Omnicare argued in its petition.