Supreme Court Takes Inquiry Notice Case

The high court seems to have a renewed interest in securities cases. The court had already agreed to hear Jones v. Harris Associates L.P., a case involving excessive fee claims under Section 36(b) of the Investment Company Act, and the Free Enterprise Fund case on the constitutionality of the PCAOB. This week the court agreed to review a 3rd Circuit ruling on the statute of limitations and inquiry notice in In re Merck & Co. arising from the drug maker's Vioxx litigation. The appeals panel decision is discussed here.