Police & Fire Retirement System v. IndyMac MBS, Inc.

JOSÉ A. CABRANES, Circuit Judge:

This appeal presents an unsettled question of law: whether the tolling rule set forth by the Supreme Court in American Pipe & Construction Co. v. Utah, 414 U.S. 538, 94 S.Ct. 756, 38 L.Ed.2d 713 (1974) (“American Pipe ”) — that “the commencement of a class action suspends the applicable statute of limitations as to all asserted members of the class who would have been parties had the suit been permitted to continue as a class action,” id at 554, 94 S.Ct. 756 — applies to the three-year statute of repose in Section 13 of the Securities Act of 1933 (“Securities…