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Securities Exchange Act of 1934





Section 27A -- Special Provision Relating to Statute of Limitations on Private Causes of Action


  1. Effect on pending causes of action

    The limitation period for any private civil action implied under section 10(b) 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.

  2. Effect on dismissed causes of action

    Any private civil action implied under section 10(b) that was commenced on or before June 19, 1991--

    1. which was dismissed as time barred subsequent to June 19, 1991, and

    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,

    shall be reinstated on motion by the plaintiff not later than 60 days after the date of enactment of this section [enacted Dec. 19, 1991].


Legislative History


June 6, 1934, c. 404, Title I, § 27A, as added Dec. 19, 1991, Pub.L. 102- 242, Title IV, § 476, 105 Stat. 2387.



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