I'll likely live-blog the oral arguments, on that morning (which will likely also be transmitted live, over several free web-sources). Do stop back, then, but the arguments are intended to resolve a conflict between the various federal circuits as to whether, or when -- for the purpose of the "inquiry notice" standard applicable to federal securities fraud claims, the statute of limitations begins to run -- an investor receives evidence of scienter, without the benefit of any investigation, or only after an investor's investigation, for evidence of scienter.
Here is the relevant portion of the online docket entry:
. . . .USSCT Docket No. 08-905
Merck & Co., Inc., et al., Petitioners
v.Richard Reynolds, et al.
. . . .Sep 28 2009 | Set for Argument on Monday, November 30, 2009. . . .
The answer to this inquiry will likely also impact the statute of limitations defenses being raised in the Hassan-Cox securities fraud class action (while leading Pharmacia -- an early 2000s-era case background, here, and earlier background may be found, by clicking the Celebrex image, at right), called Alaska Electrical Pension Fund, et al. v. Hassan, Cox, Pharmacia, et al. (3d Circ. Appeal No. 07-4500). Additional action on that matter has been stayed, pending the outcome of this Merck appeal, filed as a writ of certorari, back in January 2009.
And so, there are at least two very good reasons to keep an eye on this one.
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