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CalPERS’ Lehman case gets review as Supreme Court considers lawsuit deadlines

The U.S. Supreme Court will use a case stemming from the Lehman Brothers Holdings Inc. collapse to rule on the deadlines for some investor fraud suits.

The justices Friday said they will hear an appeal by the $305.5 billion California Public Employees' Retirement System in a suit against companies that were involved in underwriting Lehman Brothers debt offerings in 2007 and 2008.

The high court case centers on the three-year time limit that typically applies to suits over securities offerings. Sacramento-based CalPERS argues that the period should be extended for its complaint because a similar class-action suit was filed before the deadline. That case was settled, and CalPERS is trying to press ahead with its own suit.

The Supreme Court tried to decide the deadline issue in a 2014 case involving mortgage-backed securities. The two sides in that dispute reached a settlement before the court could rule.

The defendants in the CalPERS case include units of Citigroup, HSBC Holdings and Wells Fargo.

The court, which is still short one justice, didn't say whether it will hear arguments in its current term, which runs through June, or in the nine-month term that starts in October.

The case is California Public Employees' Retirement v. ANZ Securities, 16-373.