15 U.S.C. § 78aa–1: Special provision relating…

Summary

Private lawsuits under section 78j(b) that began on or before June 19, 1991, must follow the filing deadline that applied in the local court on June 19, 1991, including that court’s rules about retroactivity. If one of those lawsuits was thrown out as too late after June 19, 1991, but would have been on time under the old rules, the plaintiff must ask to reopen the case within 60 days after December 19, 1991.

Title 15, §78aa–1

Commerce and Trade, Source: USLM XML via OLRC

(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.

Editorial Notes

ConstitutionalityFor information regarding the constitutionality of certain provisions of this section, see the Table of Laws Held Unconstitutional in Whole or in Part by the Supreme Court on the Constitution Annotated website, constitution.congress.gov.

§78aa–1 Special Provision Relating to Statute of Limitations on Private Causes of Action

Summary

Title 15, §78aa–1

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata