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MERCK & CO., INC. v. REYNOLDS

No. 08-905.

130 S.Ct. 1784 (2010)

559 U.S. 633

MERCK & CO., INC., et al., Petitioners, v. Richard REYNOLDS et al.

Supreme Court of United States.

Decided April 27, 2010.

Attorney(s) appearing for the Case

Evan R. Chesler, Robert H. Baron, Karin A. DeMasi, James I. Doty, Eric Del Pozo, Cravath, Swaine & Moore LLP, New York, NY, Martin L. Perschetz, Sung-Hee Suh, William H. Gussman, Jr., Schulte Roth & Zabel LLP, New York, NY, Kannon K. Shanmugam, Counsel of Record, Richard A. Olderman, Thomas J. Roberts, Samuel Bryant Davidoff, Christopher R. Hart, Williams & Connolly LLP, Washington, DC, William R. Stein, Eric S. Parnes, Hughes Hubbard & Reed, Washington, DC, Counsel for Petitioners.

Max W. Berger, William C. Fredericks, Elliott J. Weiss, Bruce D. Bernstein, Ann M. Lipton, Boaz A. Weinstein, Adam H. Wierzbowski, Bernstein Litowitz Berger & Grossmann LLP, New York, New York, David C. Frederick, Counsel of Record, Gregory G. Rapawy, Michael E. Joffre, Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, D.C., David A.P. Brower, Jessica J. Sleater, Brower Piven, A Professional Corporation, New York, New York, Matthew Gluck, Richard H. Weiss, Matthew A. Kupillas, Roland W. Riggs, Milberg LLP, New York, New York, Jules Brody, Mark Levine, Stull, Stull & Brody, New York, New York, for Respondents.

Justice BREYER delivered the opinion of the Court.

This case concerns the timeliness of a complaint filed in a private securities fraud action. The complaint was timely if filed no more than two years after the plaintiffs "discover[ed] the facts constituting the violation." 28 U.S.C. § 1658(b)(1). Construing this limitations statute for the first time, we hold that a cause of action accrues (1) when the plaintiff did in fact discover, or (2) when a reasonably...

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