§ 78aa–1 - Special provision relating to statute of limitations on private causes of action

CHAPTER 2B— SECURITIES EXCHANGES

(a) 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) Any private civil action implied under section 78j(b) of this title that was commenced on or before June 19, 1991—

(b)(1) which was dismissed as time barred subsequent to June 19, 1991, and

(b)(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,

(b) shall be reinstated on motion by the plaintiff not later than 60 days after December 19, 1991.

Notes

Editorial Notes

Constitutionality

For 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.