Editor's Note :

Editor's Note :

The court will issue orders from its January 13 conference on Tuesday, January 17, at 9:30 a.m. There is a possibility of opinions on Wednesday, January 18, at 10:00 a.m.
On Tuesday the court hears oral argument in Lynch v. Dimaya. Kevin Johnson has our preview.
On Tuesday the court also hears oral argument in Midland Funding, LLC v. Johnson. Ronald Mann has our preview.

Merck & Co., Inc. v. Reynolds

Docket No. Op. Below Argument Opinion Vote Author Term
08-905 3rd Cir. Nov 30, 2009
Tr.
Apr 27, 2010 9-0 Breyer OT 2009

Holding: The time for a plaintiff to file a federal securities fraud lawsuit begins to run as soon as a plaintiff discovers (or should have discovered) the facts showing a violation of the Securities Exchange Act. A false statement affecting stock prices is not enough to violate the securities law; the defendant must know that the statement was false. As a result, the time to sue does not start to run simply because the plaintiff knows that the statement is false; the time runs only once the plaintiff discovers that the defendant knew that the statement was false.

Judgment: Affirmed, 9-0, in an opinion by Justice Stephen Breyer on April 27, 2010. Justice Stevens filed an opinion concurring in part and concurring in the judgment. Justice Scalia filed a second opinion concurring in part and concurring in the judgment, in which Justice Thomas joined.

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