Merck & Co., Inc. v. Reynolds
| Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
|---|---|---|---|---|---|---|
| 08-905 | 3rd Cir. | Apr 30, 2025 | 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 30, 2025. 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.
SCOTUSblog Coverage
- A Question of Fraud (Anna Christensen, December 3, 2009)
- When Does a Statute of Limitations Begin? (Anna Christensen, November 29, 2009)
- Court to rule on Vioxx fraud case (Lyle Denniston, May 26, 2009)
Briefs and Documents
Merits Briefs
- Brief for Petitioner Merck & Co.
- Joint Appendix Volume I
- Brief for Respondent Richard Reynolds, et al.
- Reply Brief for Petitioner Merck & Co.
Amicus Briefs
- Brief for DRI-The Voice of the Defense Bar in Support of Petitioner
- Brief for the Washington Legal Foundation in Support of Petitioner
- Brief for the Securities Industry and Financial Markets Association in Support of Petitioner
- Brief for the Chamber of Commerce of the United States of America in Support of Petitioner
- Brief for the Pharmaceutical and Reserach Manufacturers of America in Support of Petitioner
- Brief for Faculty at Law and Business Schools in Support of Respondents
- Brief for the United States of America in Support of Respondents
- Brief for the National Association of Shareholder and Consumer Attorneys in Support of Respondents
- Brief for Ohio and 25 Other States and Commonwealths in Support of Respondents
- Brief for AARP and the Detectives’ Endowment Association Annuity Fund in Support of Respondents
- Brief for Connecticut Retirement Plans and Trust Funds, Los Angeles County Employees Retirement Association, Thomas P. Dinapoli, Comptroller of the State of New York, as Trustee of the New York State Common Retirement Fund and as Administrative Head of the New York State and Local Retirement Systems, Pennsylvania Public School Employees’ Retirement System, the Pennsylvania State Employees’ Retirement System and the General Treasurer of the State of Rhode Island and Providence Plantations in Support of Respondents
- Brief for the Council of Institutional Investors in Support of Respondents
- Brief for the National Coordinating Committee for Multiemployer Plans in Support of Respondents
- Brief for Change to Win and Change to Win Investment Group in Support of Respondents
- Brief for Dr. Harlan M. Krumholz and Dr. Joseph S. Ross in Support of Respondents
Certiorari-stage documents
- Opinion below (3rd Circuit)
Merits Briefs
- Brief for Petitioner Merck & Co.
- Joint Appendix Volume I
- Brief for Respondent Richard Reynolds, et al.
- Reply Brief for Petitioner Merck & Co.
Amicus Briefs
- Brief for DRI-The Voice of the Defense Bar in Support of Petitioner
- Brief for the Washington Legal Foundation in Support of Petitioner
- Brief for the Securities Industry and Financial Markets Association in Support of Petitioner
- Brief for the Chamber of Commerce of the United States of America in Support of Petitioner
- Brief for the Pharmaceutical and Reserach Manufacturers of America in Support of Petitioner
- Brief for Faculty at Law and Business Schools in Support of Respondents
- Brief for the United States of America in Support of Respondents
- Brief for the National Association of Shareholder and Consumer Attorneys in Support of Respondents
- Brief for Ohio and 25 Other States and Commonwealths in Support of Respondents
- Brief for AARP and the Detectives’ Endowment Association Annuity Fund in Support of Respondents
- Brief for Connecticut Retirement Plans and Trust Funds, Los Angeles County Employees Retirement Association, Thomas P. Dinapoli, Comptroller of the State of New York, as Trustee of the New York State Common Retirement Fund and as Administrative Head of the New York State and Local Retirement Systems, Pennsylvania Public School Employees’ Retirement System, the Pennsylvania State Employees’ Retirement System and the General Treasurer of the State of Rhode Island and Providence Plantations in Support of Respondents
- Brief for the Council of Institutional Investors in Support of Respondents
- Brief for the National Coordinating Committee for Multiemployer Plans in Support of Respondents
- Brief for Change to Win and Change to Win Investment Group in Support of Respondents
- Brief for Dr. Harlan M. Krumholz and Dr. Joseph S. Ross in Support of Respondents
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